Guest comment: Searching for new opportunities outside the GCC

Last year's conventional wisdom was that GCC markets, riding high on an inflated oil price, were at the very least insulated, if not completely de-coupled from global events. Banks in the region had little or no exposure to some of the more risky products their counterparts in more developed markets engaged in, and surely liquidity was never going to be an issue here?

This year, the picture is somewhat changed and reality has hit home. No region is immune to global events and banks here have their own problems.

In a somewhat panicky reaction to the rapidly deteriorating operating environment, many have started to let some of their staff go, and the GCC is no longer the safe haven many believed it to be. So should the intrepid banker begin to look for a new challenge?

Those who have a taste for emerging markets may do worse than look at the area's surrounding the core GCC. The Levant, North Africa, and the sub-continent (let's call it the GCC periphery) all offer opportunities, and in a way these locations are not dissimilar to Dubai, Doha and Manama six to eight years ago, and offer much the same attractions.

What these regions have in common is great, so far unrealised, potential and a nascent financial services industry. Fundamentals - so long ignored - in many countries are sound, and in several cases recent liberalization is opening up previously closed markets.

Those with a track record from the GCC, and especially individuals who have been here for more than five years, will find that much of the experience they have gained is directly applicable in these new markets. It is no surprise, then, that several banks in the GCC periphery are looking for citizens and expats alike who have an interest in moving to new shores.

Recruiting takes place across the board and in recent weeks we've had mandates for roles such as head of retail banking, managing director of a brokerage house, and general manager of an insurance firm.

If you want to consider such a move, do keep in mind that markets, products and processes are all less sophisticated, and that sometimes change is more easily discussed than implemented. Progress can be slow, and patience not only a virtue but a necessity. As long as you maintain a sound sense of humour, though, the rewards can be great as well.

Whilst not the most obvious choice for everyone, a move to an early stage developing market may very well offer an opportunity to those not afraid of taking a chance to fast-track their career, and to reap the benefits of being one of the first to make such a move.

Barbara Van Meir is director financial services at Ingram & Partners and can be reached at Barbara@ingramandpartners.com