Whilst M&A activity in the Middle East is suffering from the absence of stability, the same can’t easily be said for project finance. The backlog of infrastructure spending in the region arguably makes project finance a much better career bet.

But, do you really want to work in project finance?

M&A is all about relationships

Success in M&A in the Middle East is all about establishing strong and trusting relationship with clients. This takes time and is less easily managed by someone flying in from New York or London who wants to ‘lug and play’. It’s a particular headache to convince Saudi businesses to open their books, and Saudi may be where much of the activity is in future.

Nicholas Gilani, co-head of investment banking at the National Bank of Abu Dhabi, said: “I like deals, the interaction and advice I give to clients; to have someone trust your opinion is what it’s all about, whereas a project finance lender is not necessarily giving advice in the same way.”

To succeed in M&A, you need a lot of friends and your finger on the cultural pulse, according Raed Sater, managing director of executive recruitment firm EWK International.

Project Finance is a slow burn

Project finance teams feel fulfilled because they help build hospitals or railroads in the Middle East.  It’s a slow lifecycle, but some people are drawn to that.

“The downside is though you don’t get the big rush and the bonus of investment bankers,” said Shane Phillips, the Mena regional practice leader for financial & professional Services at Stanton Chase. “Qatar is building an Olympic stadium, for instance, but it won’t happen overnight.”

Local practitioners suggest another downside to project finance. You could face foreign investors that are uncomfortable or ignorant of the local rules and regulations. Failing to find common ground, you may be fighting over terms and conditions for months. This could make the profession less fulfilling than you first thought.