Five hidden gems in the Middle Eastern financial services job market
There’s no doubt that the job market is tough for financial professionals in the Gulf currently, particularly those in investment banking and private equity, but companies continue to recruit for certain sectors and roles.
Based on conversations with financial services recruiters in the region, here are five areas where jobs are still being created.
1. Corporate banking (particularly treasury)
We’ve pointed to previously how regional banks are hiring, and the supposed skills shortage within retail banking roles. The current recruitment focus, however, is largely on the corporate banking division, suggests Michael Morcos, partner at Heidrick & Struggles in Dubai.
“There’s a push for relationship managers in corporate banking, particularly in Saudi Arabia, but also Qatar and the UAE,” he says. “This is largely restricted to the large regional banks, rather than the international players, and there’s a big push to build up their treasury functions.”
2. (Very specialised) risk and compliance professionals
The spike in demand for risk and compliance staff in the Middle East shows no sign of abating, with Gareth El Mettouri, senior manager, at Robert Half UAE citing it as the main area of recruitment for both regional and international financial services organisations.
“Both local and international regulations have required that market activity be monitored more closely, leading to the increased demand for highly specialised finance professionals with experience in Fatca, Basel-3, AMA (Advanced Measurement Approach within operations risk) and related regulations,” says. “Many companies are also bringing the risk management function back in-house after many years of outsourcing.”
3. Debt capital markets
DCM is one area of the investment banking world that has held up amid a generally difficult deal environment. Banks in the region are keen to sway deal makers, and other staff across from competitors, suggests Bill Allum, managing director of headhunters Execuzen.
“There’s an interest among some international banks in building their fixed income footprint in the region, which is creating roles for both originators and sales professionals,” he says. “This is mainly in Dubai. Arabic language skills are required, but it’s not only UAE nationals that are being considered for these roles.”
4. Experienced internal audit professionals
If you’ve worked for four or five years in an internal audit role within a Big Four accounting firm, there are numerous types of firms that want to hear from you. In particular, as asset management firms increase their presence in the region, they’re building out their accountancy functions, while demand is also picking up from large real estate investment firms.
“We are seeing a lot of demand for internal audit professionals,” says El Mettouri. “Employers are citing difficulties finding the requisite talent.”
5. Wealth management roles in Islamic banking
Wealth management has long been a hot sector in the Middle East, but recruiters are (finally) pointing to a cooling job market. Islamic banking, the single rapidly expanding area in the Middle East, is the exception.
“More important than knowledge of sharia-compliant products is the relationships you can bring to the bank,” says Peter Greaves, CEO of Injaz Executive Search. “For, private banking positions, nationals are favoured, but for the ultra-high-net-worth businesses, this is less relevant and they’re hiring expats from the conventional banking space.”
