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Dubai bankers most fearful of getting the boot

30 April 2007

eFinancialCareers UK

Our recent poll suggested bankers in Dubai are the most fearful for their futures.

We asked bankers across our sites in Europe, the Asia-Pacific region and Dubai to rate their chances of losing their jobs over the next two years. The bad news? Almost half the respondents – 48.9% – from the booming emirate reckoned the chances were “high to very high” that they would be packing their bags within the next 24 months. And almost three quarters – 72.2% – thought they had a "fair" or worse chance of getting the boot.

This compared to 66.7% who rated their chances “fair” or worse in the UK and 66.1% in Asia. Most worryingly, almost a quarter of those polled in Dubai – 23% – thought their chances of being shown the door were “very high”. This compares with just 16% in Europe and the Asia-Pacific region, including Hong Kong, Singapore and Australia.

Is the Dubai phenomenon set to be a flash in the pan? The Dubai International Financial Exchange is less than two years old and has already attracted the likes of Deutsche Bank, Goldman Sachs and Morgan Stanley to its sun-drenched shores, but rumour has it trade has been disappointing. Do the poll respondents know something that we don’t?

Comments (20)

The whole place is bunkum. No innovation, no culture, no freedom, no transparency. Fools with gold taps building monuments to nothing in the desert.

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Comments (20)

  • This story doesn't make sense. With all the activity going on especially in Saudi Arabia why would people lose their jobs?

    alan 30 Apr 2007

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  • Employees in the UAE historically tend to be too pessimistic regarding their futures. this comes from the archaic labor laws. in fact the job market for bankers is quite vibrant with numerous global institutions touching shore

    brendan 30 Apr 2007

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  • This is a clear result of over estimating the region’s potential. International banks were rushing to the region, offering top packages to bankers from all over. One cake…too many people!

    Middle East FI Sales & Structuring 30 Apr 2007

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  • Not sure the region's potential has been overestimated here - there is a lot of work and the cake is big enough and come one we are not talking about hundreds of bankers. There are barely a handful of bankers here. But deals will not come to them, they will get and have to do some selling.

    alan 30 Apr 2007

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  • And brendan, I don't think the archaic labor laws have anything to do with it. You can lose your job in london or new york just as easily.

    Alan 30 Apr 2007

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  • The whole middle east business and finance issue is mostly a big bluff, it is only a question of time before they are back to milking camels.

    cbx200 01 May 2007

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  • its the typical perato's principal playing its game... the 80:20 principal seems to be creating the uncertainty. Everyone wants to acquire the most profitable clients while rest of the 80% are ignored, so its a situation of over crowding a few shops while the market is open. The balance 80% will start coming up over the next couple of years and the hired employees will see the market widening across horizontally... its running vertically right now.


    The organisations who are in it for the long run will be successful so will its employees. Organisations with here and now approach may not go roo far,, like they say its not the ferrari which will win the race in the gulf... its the camel....

    A bhatnagar 01 May 2007

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  • Interesting comments. However, since bonuses have been paid, many bankers have jumped ship in Dubai, DIFC etc dazzled by larger pots of tax free money. The truth is there is plenty to do, but if you have no long term Middle East relationships to do business with, you will find it tough. Strong relationships are key to business success. However, the jumping ship is also about rising costs inflation around close to 10%, rental rises for two years 15% (capped 7% in 2007), school fees up 16%......the tax free money is being eroded !

    Tom 01 May 2007

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  • Having lived and worked in the UAE for a number of years I would suggest that the gulf market is much smaller than people think. It is totally over-banked. Unless there can be stability and Dubai can capitalise on its nearness to a peaceful Iraq and an Iran welcomed into the international community one has to remember that Dubai is built on sand.

    Osmond 02 May 2007

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  • I think that business is booming in the mideast and it is geared for more growth especially in the corporate finance/capital markets areas. The key is being able to establish and maintain long-term regional relationships that will add value to both ends, add to that the increasing demand for innovative solutions by clients.




    Think about it, an average of two IPOs per month in Saudi--thats huge business and more to come. Some banks choose to be located in dubai because of its huge growth in real estate and hence, real estate finance. However, most M&A business comes from Saudi.




    As for regional bankers seeking jobs, you ought to select the right recruitment

    gent who is regionally connected and capable of getting you an

    interview.

    Anonymous 02 May 2007

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