Who's been hiring in the GCC?

30 September 2008

2 minute read

International financial services firms are flocking to the Gulf like bees to honey, so in the first of our monthly round-ups of significant moves and new offices in the region, we give you a bite-sized review of what's been going on throughout this month.

Russian banks have been busy, with the country's second largest bank, VTB, announcing plans to open a Dubai office. Its larger rival, Renaissance Capital, was said to be attempting to poach John Porter, Morgan Stanley's head of equity capital markets for the Middle East, for its Dubai operation. (Telegraph)

Royal Bank of Scotland is looking to shrug off recent Western woes by bolstering its Gulf footprint. The bank, which now employees 2,700 people in region, has integrated all of ABN AMRO's operations under the RBS brand and plans to expand in retail banking, wealth management and investment banking, as well as introducing Islamic products. (Gulf Times)

Credit Suisse has continued its Middle Eastern push by gaining a licence to operate in Bahrain. The Swiss bank is targeting high-net-worth individuals in the region, offering them investment products and services from its new Manama branch. (Arabian Business)

Deutsche Bank's quest for Gulf domination continues unabated. This time it's offering custody services in the region and is expected to add to the 160 staff already on the ground covering investment banking, asset and wealth management. (Banking Times)

Duet Asset Management, a UK fund manager, has launched a Dubai office, recruiting Ben Mlouka as chief exec and Yazid Ben Salem as director. At the moment, it's focusing mainly on sales, but could launch funds down the line. (Reuters)

Artemis, also a UK fund manager, poached Dominic Herbert from Morgan Stanley's asset management joint venture with the National Bank of Kuwait, to take responsibility for institutional client relationships in the Middle East. (Financial News)

Morgan Stanley has taken on three senior people for its private wealth management division in Dubai. The bank tapped rival Credit Suisse for Hani Nabulsi and Mohammed Odeh, who have joined as executive directors. Meanwhile, Nadim Shabsogh comes in from the now-defunct Bear Stearns in London as investment advisor. <a href="https://www.wealth-bulletin.com/people/content/2451989301/(Wealth-Bulletin)

Kohlberg Kravis Roberts hired Makram Azar from Lehman Brothers, where he was global head of sovereign wealth funds. Azar will set up KKR's office in the region and begin to recruit a new team on the ground. (Private Equity Wire)

AUTHOReFinancialCareers Gulf

Insider Comment

XP
XP
6 October 2008
To Ali's comments I am moving to Dubai in November. I nearly secured a job back in September with a Tier 2 investment bank.
Unfortunately the Lehman collapse took everyone including my potential recruiter by surprise. Now the hiring process is a very lengthy one as the group strategy in the MENA region is being revisited. All the consultants I talked to are getting cold feet.
Although I am still going ahead with the move I don't envisage getting a job before end of Jan 09.
Hope this helps
Reply
Pa
Paul, editor, eFinancialCareer
1 October 2008
Guys, thank you for your comments. This article is intended as a round-up of international firms' public statements of hiring activity and office openings in the region in September. These statements would at least suggest these organisations are expanding in the region, though whether it means massive volumes of hiring is a different matter. Please take the opportunity to explore other, less rosy, posts on this site.
Reply
Al
Ali Hatim
1 October 2008
According to a Moody's report the sector outlook for banking in the region is "stable" with the exception of Dubai where the banks have an out of proportion exposure to speculative investments in real estate. As per Moody's outlook for Dubai is "stable to negative".
I got laid off from a tier 1 investment bank in the structured credit arena in New York. I am considering traveling to Dubai to look for opportunities in the region.
This article draws a very rosy picture and I coudn't agree more with the comment posted above. Can a fellow investment banking/capital markets professional in GCC please post a realistic account of the job market there. Secondly, to what extent is it true that one has to be physically present in the region even to secure an interview?
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Jo
Jose
30 September 2008
This is just plain wrong information which tricks the reader to believe that all the aforementionned institutions are actually hiring staff. Just because you open an office doesn't mean that you are doing business. For instance, I can tell you that RBS is not actively doing business. The decision to move here was made before things got really nasty back home. MS is more or less closed for business until the end of the year at least. Etc., etc.
Things are not pretty, even here in Dubai. Dubai is no safe haven, it will be affected and quite badly. Maybe later than other financial centers but definitely will.
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