Egyptian and Bahraini financial sector workers still reluctant to uproot to Dubai and Qatar

Financial services companies in Dubai and Qatar are seeking to opportunistically poach bankers working in Egypt and Bahrain. Unfortunately, though, few have an appetite to make the move.

Understandably, Egypt has been the prime target for poaching. Not only has the upheaval in the country been more pronounced than Bahrain, but its stock market has been closed since 27 January.

Mostafa Abdel Aziz, the head of regional trading at Beltone Financial in Cairo, told the National that wage cuts are being considered, which is prompting some to consider their options. Qatar National Bank and Al Ahli Bank been actively trying to recruit some traders, he claims.

This situation is reflective of the financial sector in the country generally, with salary cuts of 20% or possible redundancies on the cards.

In Bahrain, meanwhile, headhunters suggest that most expatriate financial services professionals are still sitting tight rather than making a rash decision to uproot. If the situation worsens, many will reconsider this stance, however.

"Banks in Qatar and Dubai have been targeting financial professionals in both Egypt and Bahrain, but most are still willing to sit tight," says Magdy El Zein, managing director of Boyden Middle East. "Qatar in particular, largely because of the successful World Cup bid, has a need to attract more financial services professionals, and firms in Dubai view it as an opportunity to secure new talent."

Saudi Arabia is also offering opportunities, he says, but banks in the kingdom are seeking a real commitment from their expat employees, whereas Egypt- and Bahrain-based workers would rather commute in the short term to avoid upheaval to their families.

"It's always been a two-way flow of financial professionals between Egypt and the GCC," adds Bill Allum, managing director of headhunters Execuzen. "There's a strong pool of wealth management, private equity and investment banking talent there, but given the importance of the Egyptian economy, I think there would have to be a cataclysmic long-term outlook for the financial sector to prompt a mass exodus of people."

As it is, Egypt is still in the midst of a political transformation and the protests continue in Bahrain, albeit under much calmer circumstances.