Can Dubai or Shanghai really save your career?

21 October 2008

1 minute read

Can Dubai or Shanghai really save your career?

Touted as possible sanctuaries from the problems crippling the Western financial system, do the Middle East or Asia really offer ample job opportunities or even any shelter from redundancies?

Asia, in particular, might not be a completely safe haven, as both HSBC and Merrill Lynch have announced triple-digit job cuts in recent weeks.

Similarly, the Gulf markets have had to inject liquidity into the banking sector and fend off rumours that they aren't, in fact, immune to the fate of global markets.

However, Merrill is expanding in the Middle East and HSBC's chairman Stephen Green, believes that the balance of power is shifting towards both China and the Middle East, which will "affect financial markets profoundly".

Recruiters tell us that the number of job opportunities in the regions far outstrips places in Western markets at the moment, but if the influx of overseas candidates continues, will there be enough to go around?

So, should you be hopping on the next plane to Dubai? Is Asia the promised land for banking jobs? Or are both regions beginning to show signs of strain? Your thoughts please....

AUTHOReFinancialCareers UK

Insider Comment

5 comments

ho
hotaitm
13 December 2008
I do think that the Gulf region is not going to be affected as the Western Countries. If I was offered a job with financial services in Dubai, then I will be on the first plane out of Australia.
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Ra
Ray
23 October 2008
Dubai's equity market is tanking
- Illiquid banking sector
- Oil wells are running dry
- Its booming real estate sector grew too fast and is now vulnerable to a market correction, which will be very harsh if it happens
- Its growth is funded excessively by debt. Dubai's exposure to the global financial crisis is still unknown and could be far greater than expected.
- On their domestic front, they face rising geopolitical tensions with Iran and a massive corruption investigation on one of Dubai's largest real estate companies
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na
naskat
21 October 2008
The geographical positioning of Dubai and its tax status means that many companies with a multi-regional bias are happy to keep several jobs in Dubai that may not even be directly connected to the financial health of the Middle East itself. This i a major catalyst and a sign of the success of Dubai for example, in its bid to position itself as a financial centre and diversify its image from an oil one to a "money" one.
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Ja
James
21 October 2008
The fact that both Lehman and HSBC were keen to keep hold of their staff in Dubai, in spite of the redundancies elsewhere, speaks volumes about how well the businesses are doing.
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Pa
Paul
21 October 2008
The redundancies in Asia show that there are no sacred cows. Multi-national companies are suffering, which will inevitably affect their hiring patterns all over the world.
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