Working in Banking

Big banks = lots of job opportunities

Unsurprisingly, with an ambition to be a world financial services hub, many antipodean bankers, financiers, traders, back and middle office staff end up in the big banks in Dubai.  With an acute skills shortages in the Middle East there is the opportunity to earn excellent money and work on some great deals.

If you have London experience in roles like product control, financial and management reporting, risk and compliance then you will be highly sought after.

The wave is still building

The Middle East is starting to attract more and more banking talent.  No longer is it considered a back water posting in fact the Middle East is career enhancing as banks go global and consider other financial centres as important as the mainstays of New York, Hong Kong, Tokyo and London.

The need for staff is only going to intensify with the developments of the Dubai International Finance Centre (DIFC) an ambitious project to build an entire business centre larger than Canary Wharf with an expectation that there will be over 45,000 highly skilled banking and finance professionals working there. Goldman Sachs is building an office to house 2,000 staff alone in the DIFC.

The DIFC is the world's fastest growing international financial centre. It aims to develop the same stature as New York, London and Hong Kong and they will do it check out their ambition at www.difc.ae/district/facts_and_figures.  They are even building air conditioned streets to keep you cool during lunch breaks.

What people earn and how it stacks up

Generally annual salaries are not quite as high as the UK but this is somewhat offset by the tax free salaries.  Compared to New Zealand and Australia the salaries in Dubai are competitive.

^{1. AUD and NZD salaries are conversions only, not what you would be paid if you were in Australia or New Zealand}

There is no real contracting market to speak of in Dubai with all the jobs permanent.  Therefore, there does not tend to be the same turnover in roles as countries such as the United Kingdom.  There is still an over supply of opportunity as new jobs are being created constantly.

It's not all western style banking - Islamic finance is a growth area

Islamic finance is a US$400 billion dollar industry, growing at a rate of over 15% per annum and with expected double-digit growth rates for the next 15 to 20 years. Dubai has the ambition to become the global hub for Islamic finance and so there are many opportunities in this area.

While roles are not as varied in Qatar and Saudi Arabia the salaries can be slightly higher although each come with different qualities of life.

Things you need to know to make the most of it

The true gold rush is over - but there is still plenty to go around

You won't go to Dubai and make your fortune overnight.  The true opportunity to do that was by being there 4 or 5 years ago (its those guys that drive around in Lamborghini's now).  So don't go expecting that the streets are lined with gold and all you need is your pick and shovel.  You will need to work hard at your job although will get more leisure time than you might in London.

Prepare for your interviews

Remember you are not a pioneer in going to Dubai anymore and so will be competing with many other talented individuals for jobs.  You therefore need to be prepared.

Learn a little Arabic

While Dubai has a massive expat population (85%) you should learn a little local language.  And think of the poor taxi drivers in the cultural melting pot having to know around 8 languages to carve out a living.

Choose your job wisely

Choose your job carefully.  Switching jobs is not easy in Dubai so it is best to make sure you choose a company that you really want to work for - as your visa will depend on them.

To speak with one of our experienced consultants, please contact us on info@globalcareerlink.com.