Five roles where only expats will do in the Middle East

Like it or not, the Middle East financial sector is still dependent on expat talent, particularly in the UAE and Qatar. While regional banks eagerly promote their localisation initiatives, foreign talent is being shown the door within international organisations.

However, localisation pushes don't disguise the fact that only expats will do for certain positions. Yes, foreign workers in the Middle East may have to get a little more creative in their job search, but they're still very much needed. Here are five roles in which they're likely to find more success.

1. Strategy and CFO roles within multi-family offices

It’s not uncommon for investment bankers to take strategy positions within large corporates to advice on potential acquisitions or divestments as well as techniques on how to grow the company in the future. Within the Middle East, this recruitment is more focused on large family offices, suggests Greaves.

“Increasingly, we’re seeing ex-investment bankers or private equity professionals seeking strategy positions within multi-family offices, or using their expertise in C-level positions,” he says. “For example, it’s not uncommon for a family office to employ an accountant as a finance office, but then use an investment banker as a CFO to pursue capital markets opportunities in London, New York or Asia.”

2. Big Four accounting firms

The Big Four accounting firms have what Phillips describes as an “insatiable” appetite for talent in the Middle East and continue to grow their ranks despite the difficult market conditions.

PwC is evidence of this; it has just posted a 23% increase in revenues in the region, named 33 new partners in the Middle East and increased headcount to 2,300 including 1,000 in the UAE. It’s still hiring across the UAE, Qatar and Saudi, as are the other Big Four firms, and recruiters suggest that expats are the hire of choice for the majority of positions.

3. Senior technology and risk positions

One the one hand, banks in the Middle East are hoping to draft in skilled chief information officers and chief technology officers from locations like Singapore, India and London in order to drive the increased in investment in and sophistication of their IT platforms, says Phillips.

On the other, Middle Eastern banks need specific skill sets not easily available among the location population; notably IT security positions, which are also a challenge to fill in other parts of the world.

4. Treasury positions

The likes of J.P. Morgan, First Gulf Bank and Abu Dhabi Commercial Bank are all recruiting for treasury roles within the Middle East currently, and it’s an area that firms find difficult to source form the local talent pool.

“The technical skills required to work in treasury, combined with the need for languages and a global outlook, means that expats are largely headhunted for these roles and there are limited opportunities for nationals,” says Greaves.

5. Distribution positions in asset management

Asset management operations in the Middle East, particularly among the international firms, are not huge. Even the larger firms have traditionally had small teams of predominantly sales staff targeting large institutional investors in the region. This is changing.

Research by consultancy Insight Discovery suggests that regional investors are becoming increasingly risk tolerant, and banks and asset managers in the region are responding to this new demand.

Fadi El-Khoury, SVP - head of distribution Middle East at Amundi Asset Management, said that “regional banks are setting up robust platforms for fund distribution along with the manpower to match.”