Graduate schemes in the Middle East
It's hot, it's sunny, and so far it's relatively unaffected by the credit crunch. Time to start your career in the Middle East?
Why Dubai?
Because while banks in the West are looking to chop headcount, the GCC is in expansion mode.
M&A volumes in the first quarter of this year have more than doubled, to $55bn, from the same period in 2007, according to Bloomberg.
Private equity has seen stellar growth since 2005, according to the Gulf Venture Capital Association.
Big ticket IPOs, such as the $2.8bn flotation of Inma Bank in Saudi and the $5bn DP World deal in the UAE, show the capital markets are taking off.
And the fledgling derivatives market is tipped to swell to $250bn-$300bn in the next five years, according to local investment bank Arqaam Capital.
International banks' programmes
International banks like Citi, Deutsche Bank, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS all have a Middle Eastern presence, and some now hire graduates to train up in the region.
Merrill Lynch has hired three graduates into Dubai for the first time this year on a rotational programme around its global markets, investment banking and global wealth management divisions. Citi takes on graduates to work in its corporate banking, equity sales and trading, global transaction services and operations, and technology businesses in the Middle East.
Credit Suisse and Morgan Stanley intend to hire graduates for their Dubai offices for the first time in 2009. The numbers aren't huge - Morgan Stanley plans to take on 10 graduates to work across investment banking and sales and trading, Recruits will start their training off in London before making the move to either Dubai or Saudi, says Stephanie Ahrens, head of graduate recruitment at the bank.
Unfortunately, the deadline for applications to international banks this year has now passed. If you want to work for a global bank in Dubai, you'll need to apply from September - when applications open again. Banks will take on a mixture of both UAE nationals and western students, but bear in mind that Arabic is a distinct advantage and, in the case of Morgan Stanley, a prerequisite.
The local option?
The other alternative is to apply for a trainee position at a Middle Eastern Bank. However, while this may be open to Arabic nationals studying in the UK, anyone else may struggle.
First Gulf Bank, RAK Bank, Emirates NBD and National Commercial Bank all have equity, treasury, Islamic banking or private banking divisions which take on graduates.
The National Bank of Abu Dhabi employs 'unlimited' numbers of graduates across its retail, accounting, commercial banking and investment banking divisions, according to Omaimah Khoori, assistant manager of Emiratisation. But don't get too excited - it's only available to Emiratis.
Similarly, Gulf Finance House (GFH) takes on eight graduates a year to work in its investment banking sector, but this is exclusive to Bahrainis.
Where are they hiring from?
International banks tell us they've been particularly active in the American University of Sharjah, the British University in Dubai, the American University of Beirut, the American University of Cairo and Saudi unis - as well as western educational institutions.
Khoori at the National Bank of Abu Dhabi says she favours top UK universities.
Alison Abu, executive director of HR at GFH, says as well as the University of Bahrain, they use the Crown Prince Trust, which targets elite students from the likes of the London School of Economics and Yale.
Morgan Stanley says it is partnered with AIESEC, an organisation that runs programmes to allow students from all over the world, including emerging markets, to take part in an international exchange.
