Six adjustments Western bankers need to make when working in the Gulf
Understanding cultural differences - such as the potential pitfalls of public displays of affection - is something every expat should furnish themselves with before moving to the Middle East. But the disparities of doing business are not always so obvious.
Based on conversations with industry practitioners and financial sector recruiters, we've compiled six adjustments every Western banker should prepare themselves for when working in the GCC.
1. Learn to love Arabian coffee (but not too much)
Of course, there's no shortage of Starbucks or Costas in the Gulf these days, but one-to-one meetings with prominent family members can often see Arabian coffee raise its thick, spicy head. Suffice to say, this is more of an acquired taste.
As one banker puts it: "I hate the stuff, and during one of my first meetings here drained my cup as quickly as possible to get it over and done with. Unfortunately, the waiter refilled it immediately. My colleague took a sip and handed it straight back, which is the done thing, but you can also shake your cup to signal you don't want any more."
2. Don't mention the Sheikh
Unless you're going to praise his benevolence or wisdom, it's unwise to embark on a water-cooler gossip around Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum (or indeed any local leader) in earshot of any local colleagues or senior managers.
Economic policies of David Cameron or Barack Obama may occasionally illicit snorts of derision from Western workers, but don't get involved in local politics.
Statements that the financial crisis is a "passing cloud" or that "it's not a recession, it's a challenge" are, of course, perfectly reasonable assertions.
3. Don't burn the midnight oil
Slavish devotion to the job is an affliction of junior investment bankers in the West, who stay until the wee hours completing every whim of their superiors. Don't expect the same in the Gulf.
"It does get frustrating when you ask for something to be done and it isn't completed in time because analysts and associates left at 5.30pm, instead of working that extra hour or two to get it out on time," one Saudi-based investment banker told us previously.
4. Book, cancel, run-on, repeat
Most business is done in person, and relationships are key. Therefore, expect to arrange lots of meetings with prominent local contacts in your business area.
But bear these three things in mind: a) Any arranged meeting is fairly loose - a personal matter arising often means last-minute cancellations; b) They will probably be late - because punctuality is more relaxed, but possibly because of Dubai's atrocious traffic (you should arrive on time regardless); and c) Don't launch straight into business matters; expect small-talk to be elongated. Therefore allow at least two hours.
5. Get handy
Handshakes are, of course, the de rigueur greeting in business circles in the Western world. However, in certain situations - particularly when meeting women in more conservative states like Qatar and Saudi - it can be unwise to offer your hand. The safest bet is simply to wait for them to offer theirs.
Meanwhile, it's not uncommon for local menfolk to hold hands as a display of friendship (but they're unlikely to ask you to do it, to be honest).
6. Summer lulling
This is more on the recruitment front than deal making in the financial sector, but the summer months can be excruciatingly quiet. Obviously, there's the holy month of Ramadan which means very little work is undertaken, but the 50C+ temperatures (and humidity) often mean people simply up sticks elsewhere.
"I called one hiring manager last week, and he told me to call back in September," laments one financial services executive search MD.
As you may have gathered, the above list is meant to be slightly tongue-in-cheek. Feel free to dispute it, or add your own suggestions.
