This is the second of the short series on how the recession is affecting graduate prospects around the world. The first considered opportunities for international students who wished to work in the UK. Please do leave comments and share your experiences or concerns.
Dubai
Middle-East and North Africa (MENA)
The Middle-East has, so far, largely escaped the turbulence of markets around the world. Investment is increasing and employment prospects remain high. The increased price of oil has ramifications across many sectors including legal, finance, logistics, engineering, property and of course the job market. For example, it is expected that last year’s near 8% growth in employment in UAE will continue to grow despite the forecast elsewhere. Omar Bouhadiba, executive vice-president of Mashreqbank said “Times are good for everyone in this part of the world.”
But even in the Middle-East things aren’t quite as good as they have been. It has become more of an employer’s market – that is when the number of vacancies is significantly less than the number of applicants. Employers and their representatives can become more selective.
Banking and Finance:
Wide-scale job losses that are occurring in other parts of the world are having limited effect on MENA. Equity markets in in Dubai, Doha and Saudi Arabia have certainly been hit but not at the same dramatic level that has occurred in other countries However the closure of Lehman Brothers globally has resulted in short term temporary job losses. The expected job cuts at HSBC will concentrate on the UK and US offices and should have little effect in the Middle East. Banks that are suffering in their own domestic markets are turning to the Middle East to generate increased revenues.
Consultancy is still a strong profession. PWC, Ernst & Young, KPMG and Deloitte are all advertising positions in the middle-east. There may be a possibility of working in the UK with one of these firms before moving overseas but candidates have found that, by applying to their home regions first, their chances of success improve.
The Gulf Times have reported that the Royal Bank of Scotland has already incorporated ABN AMRO’s operations in the Gulf and is looking to expand into other key business areas. It will also develop it’s first Islamic product range. Such expansion will be phased and suggests employment scope for new graduates in key fields such as wealth management and investment banking.
International students should also be aware of the increased interest in the Gulf region shown by Russian banks. Billionaire Mikhail Prokhorov’s Onexim Group has bought half of Renaissance Capital and intends to move into the Middle-East market to exploit the current financial crises.
The financial sector is connected by the vital web of information services. With growth within the sector there is growth within information service providers. Bloomberg have a consistent recruitment for Arabic speakers to be based around the world but particularly in MENA. For other IT, Microsoft are actively recruiting in North Africa and Kadi Arabia have several positions based in Egypt.
Legal Services
The high oil revenues and continued investment in MENA have provided increased opportunities for Private Equity lawyers as well as oil and gas commercial solicitors. For those working in the energy sector the rewards can be considerably higher than for solicitors working in financial services. The Dubai Corporate Counsel Group indicate that the top level solicitors in the energy sector earn $400,000 p.a. compared to $270,000 in the financial sector. England and Welsh legal qualifications lead to earnings second only to those with USA qualifications. Scotland has its own legal system and those qualified in Scotland may need further training and qualifications before working in the Middle-East.
Law firms that are currently expanding in the Middle-East include Latham & Watkins, Norton Rose, Clifford Chance and Dewey & LeBoeuf. Positions are advertised locally but are often available through international recruitment companies. Legalweek.com has a range of positions on offer and some useful links to recruitment companies.
Real Estate
Property continues to be big business in the middle east. A study by Jones Lang LaSalle researched opinions from over 350 developers and property investment businesses with over 50% of respondents believing that the middle-East market will outperform other regions over the next two years. However there should be a note of caution. Funding for real-estate investments is being limited by banks and that will effect the market.
Roles are varied and include requirements for marketing and sales executives, architectural, engineering and surveying professions, financial and acquisitions consultants. A range of roles can be viewed here
Where can I start looking?
My favourite jobs sites are Naukri and GulfTalent because they are so easily searched by region and profession. UAEGraduate is a useful if somewhat less intuitive site for jobs. Less specific jobs websites like Total Jobs sometimes have useful vacancy information for graduates – well worth a look.
Some agencies (from GulfTalent)
The next article in this series will cover graduate prospects in India.
Publication due w/c 10 November
