These seven brokerages should be hiring in the Middle East in the near future
To say the last couple of years have been tough for UAE brokerages would an understatement. Jobs have been eliminated at the larger players, while smaller firms have closed entirely as trading volumes have slumped and share prices tumbled.
We’re not out of the woods by any means, but last month stock trading activity on regional bourses last month was the highest since 2009 and there are reasons for optimism based on sentiment coming out of certain key players in the region. Here’s where we think there will be hiring going forward.
1. Menacorp
The Abu Dhabi-based securities firm has just hired Nabil Al Rantisi, formerly head of brokerage at Rasamala Bank, as its new managing director and the plan is to grow. The brokerage intends to hire 20 people, which compared to its local rivals makes it a behemoth.
“What we are trying to do is build market share," he told the National. "So when volumes come back, it'll grow organically. We won't be lagging or trying to play catch up.”
2. Securities & Investment Company (SICO)
The Bahraini investment bank is spreading its wings, and its first venture is a new brokerage in Abu Dhabi. It’s already hired some key staff for the new office in Al Wahda Commercial Tower, but the expectation is that more opportunities will emerge as it expands the “scope of our regional brokerage business”.
"This is a significant initiative, which could be replicated elsewhere in the region,” said Anthony Mallis, chairman of SICO UAE.
3. Al Rayan Financial Brokerage
Like many banks in Qatar, Islamic-institution Masraf Al Rayan is expanding rapidly. At the end of July it unveiled Al Rayan Financial Brokerage, which will focus solely on trading Shariah-compliant securities. It already has a team on board after recruiting over the past few months, but this is the “first phase” of its development, so expect more jobs in the near future.
4. Abu Dhabi Financial Services
The National Bank of Abu Dhabi has been expanding in areas where other banks are scaling back – think M&A, where it appointed Michael Aissaoui to lead its advisory activities earlier this year. It picked up Mohammad Ali Yasin, who formerly led Shuaa Capital’s securities division, to head up its brokerage subsidiary, Abu Dhabi Financial Services, last month. The appointment is part of its “ambitious growth strategies” says the bank, so expect other recruits to follow.
5. Al Ramz Securities
Al Ramz Securities obtained a licence from the Securities and Commodities Authority in January to offer brokerage services outside of the UAE, therefore allowing local investors to access foreign markets. Not only this, but in the first quarter of 2012 it was largely leading the way as the top trader on the Dubai Financial Market.
It’s been expanding its team for the past two years, including for its internationally-focused operations, and recruiters suggest this has yet to show any signs of stopping.
6. Arqaam Securities
In the broking space, scale matters and Arqaam Securities is expanding. It stayed in the number one position on Nasdaq Dubai for much of 2011 (holding 25% of the market) and has now secured the top spot on the Dubai Financial Markets.
From a recruitment perspective, Tarek Lofty, managing director of capital markets at the firm, said that it was a “growing team” within the securities division and reiterated that it was “building our brokerage platform”.
7. FH Securities
The fact that the brokerage division of Abu Dhabi-based Finance House hired Ayman Alkhatib as general manager in May is not in itself significant. However, the firm has been growing swiftly and the brokerage division is set to be included in this. Alkhatib said that he would be looking to “strengthen FH Securities’ position as a leader in brokerage and trading services in the UAE”.
