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How to get hired in the Middle East
 

ZaZa's picture
O
(Baboon, 116
 
Points)
 on 9/26/12 at 7:00am
now hiring2.jpg

Andy note: ZaZa resides in Abu Dhabi and works as a recruiter for some of Middle East’s largest sovereign wealth funds and investment banks.

Let’s start with the basics – it’s not like in the US. It’s not like in Europe. The process sounds vaguely similar, the results more or else should be the same, but how you do it is way different. My first advice to you when you decide to come to the Middle East is start looking immediately. Do it whilst you still have a job or you are still in business school. It takes me on average, nine to twelve months to place a good candidate in one of the better sovereign wealth funds, banks or PEs.

The most interesting jobs out here are of course the sovereign wealth funds or other government entities, their contracts are government and that means even more paid in cash at the end of the month.

The split of pay works roughly like this: basic salary, housing allowance, transport allowance, end-of-service gratuity (this you get even if you leave on your own accord) and flights home. All of this is not taxed by the country at all, so depending on where you come from you will also save up on taxes. International companies work differently and on average pay lower in some cases significantly in comparison to the government entities.

In terms of salaries UAE –highest, Qatar – second, KSA is difficult to judge since sometimes it comes highest sometimes it comes lowest of the three. The rest of the countries in the region are currently not as attractive: Oman and Jordan are both very pretty for tourism, but unfortunately struggling for economy, Bahrain’s and Lebanon’s situation is unrest. Kuwait sounds pretty strict, dry and not great fun with lower salaries than KSA, so not first choice either.

Now once you have started, identify the companies you are interested in and don’t forget the large corporates in that list. For example if you are a Power & Energy junkie you can look at a company like TAQA or if you are into your Oil sector go for ENEC or ADNOC, Defence – Tawazun. They will have their corporate development units, internal advisory and project financing – all areas of great interesting experience.

Next step – get yourselves a real good LinkedIn account and I mean a real good one. Put your experience, interests and most importantly areas of expertise on there. I do most of my successful headhunting research online, which means either the PEs websites (if you are senior enough I will find your biography there), conferences (again f you are senor enough) or LinkedIn (that’s for everyone). So if you are in a top tier investment bank, FIG team, 2nd year analyst, let LinkedIn know about it (actually if you are that, please PM me your CV), so that I can find you when I need you. Now with LinkedIn we don’t need your entire CV, we just need the general information, languages and education.

Once you have a good LinkedIn account (if you still haven’t figured it out MENA hearts LinkedIn, just like Germans love their Xing) - start using it. Research the head of the team that you want to join and write him a beautiful introduction email. The response ratio here is so much higher than anywhere else I have been, you will actually get responses. If you don’t want to pay for InMails, with most people you can simply guess their e-mail address. Read in the news: The new Head of Mergers & Acquisitions of National Bank of Abu Dhabi is... and you have a wonderful email address of [email protected]. Seriously done it before, it works.

Introduce yourself, in a wonderfully eloquent manner. If you happen to both love tennis talk about it, if you went to the same school say it, if you have nothing in common...you are not looking hard enough. I actually get so outrageous (I am ZaZa I can get away with it!) that I tell Italians how Italian food is the best in the world in my what-we-have-in-common part of my introduction email. (By the way the ‘best food’ works for most European Nationalities, except the British). Once you get noticed by a senior the process starts that is where you stay patient, keep in touch and go through the trials & tribulations they have in store for you.

Well this is nearly it, except I forgot to mention us the recruiters. We could sometimes be useful too, especially when you are taking your first steps in research, speak to us and we will tell you names of companies we work with, who is hiring. If we have the right opportunity for you, go through us its way easier than doing it on your own, but if we don’t have it... trust only yourself. Simple example is that ADIA works with so many recruiters around the world, each team and sub division has their own preferred recruiter. I work only with the Private Equity, so I can easily not know what is going on in the Infrastructure team. This is where you come in and do it on your own.

See my other WSO blog posts
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Comments

animalz's picture

excellent, many thanks!

(Gorilla, 707
 
Points)
 on 9/25/12 at 7:04pm

excellent, many thanks!

AQM's picture

Thank you man. I'm extremely

IB
(Orangutan, 331
 
Points)
 on 9/25/12 at 7:17pm

Thank you man. I'm extremely interested in a region dubbed MENASA (Middle Easter, North Africa, South Asia) I think it's gonna be at the top of most headlines during my adulthood. (I'm almost 21).

Anyways, what are you feelings on Abraaj Capital? It's one of the best PE funds in Dubai, and arguably a top 50 fund worldwide. Is there anyway I could break in as an undergrad for a summer analyst stint or FT? I go to NYU CAS fyi.

Thanks!

jpmoranmonkeysachs's picture

I emailed a few people in the

(Baboon, 149
 
Points)
 on 9/25/12 at 8:55pm

I emailed a few people in the region without any results. I actually emailed one of the big guys at Barclays KSA. How can a college student wow any of the bankers in the region? I am really interested in working in the GCC especially UAE and KSA. All of the major BBs have branches in the region.

Any thoughts?

bananaman123's picture

Great post ZaZa. Thanks for

(Chimp, 15
 
Points)
 on 9/25/12 at 10:06pm

Great post ZaZa. Thanks for the info. I am looking to make the transition from Project Finance to Private Equity, ideally through a UAE based position. I have some built up some experience in Energy (Power, Oil & Gas) and am hoping I can leverage this to make the switch. Have you ever seen this done? What would be my biggest challenges?
P.S. I have PM'd you my resume.

qweretyq's picture

Is there any significant

ST
 
Points)
 on 9/25/12 at 10:15pm

Is there any significant trading in the region at all especially in the UAE?

Interest.ed's picture

No thanks

 
Points)
 on 9/25/12 at 11:05pm

No thanks

ZaZa's picture

AQM: Thank you man. I'm

O
(Baboon, 116
 
Points)
 on 9/26/12 at 2:57am
AQM:

Thank you man. I'm extremely interested in a region dubbed MENASA (Middle Easter, North Africa, South Asia) I think it's gonna be at the top of most headlines during my adulthood. (I'm almost 21).

Anyways, what are you feelings on Abraaj Capital? It's one of the best PE funds in Dubai, and arguably a top 50 fund worldwide. Is there anyway I could break in as an undergrad for a summer analyst stint or FT? I go to NYU CAS fyi.

Thanks!

We work closely with Abraaj and now is not the good time for them - they are restructuring and we should find out once they are done and start hiring. I would say getting a job with them as undergrad is quite difficult unless you can display some serious affection for the region and manage to speak to the right guys.

See my other WSO blog posts

ZaZa's picture

jpmoranmonkeysachs: I emailed

O
(Baboon, 116
 
Points)
 on 9/26/12 at 3:01am
jpmoranmonkeysachs:

I emailed a few people in the region without any results. I actually emailed one of the big guys at Barclays KSA. How can a college student wow any of the bankers in the region? I am really interested in working in the GCC especially UAE and KSA. All of the major BBs have branches in the region.

Any thoughts?

Well I would say you will have a tough time to break into the international banks in the region at the moment since they are struggling. If they do hire, what they do is that they move the guys internally say from London so that they wouldn't fire them. RBS closed its M&A here, and it looks like other banks will follow. Unless you go for the Wealth Management in KSA and you are fluent in Arabic, it will be difficult to get a job in the BB. Do try the local investment banks though - Abu Dhabi Commercial Bank or National Bank of Abu Dhabi.

See my other WSO blog posts

ZaZa's picture

bananaman123: Great post

O
(Baboon, 116
 
Points)
 on 9/26/12 at 3:02am
bananaman123:

Great post ZaZa. Thanks for the info. I am looking to make the transition from Project Finance to Private Equity, ideally through a UAE based position. I have some built up some experience in Energy (Power, Oil & Gas) and am hoping I can leverage this to make the switch. Have you ever seen this done? What would be my biggest challenges?
P.S. I have PM'd you my resume.

That should work quite nicely, as long as you go for the corporates - just as I mentioned in my post. They do look for strong project finance experience and hire for the investment teams.

See my other WSO blog posts

ZaZa's picture

qweretyq: Is there any

O
(Baboon, 116
 
Points)
 on 9/26/12 at 3:04am
qweretyq:

Is there any significant trading in the region at all especially in the UAE?

Definite significant - for the local market its good, but I would say internationally it is not recognized. If you are a trader I would say you have better opportunities in ASIA, Russia or Europe & US. I am saying this without knowing your sector as well, so its just a general comment.

See my other WSO blog posts

TwoNineSeven's picture

ZaZa, thanks for an insight

(Chimp, 2
 
Points)
 on 9/26/12 at 4:12am

ZaZa, thanks for an insight into Abraaj's current situation.

I was going through Abraaj's career page. A quick question, are Internships / Analyst positions at these PE firms like Abraaj processed through in-house HR department?

Maherj1's picture

Hey ZaZa, like the

O
(Baboon, 165
 
Points)
 on 9/26/12 at 4:16am

Hey ZaZa, like the thread.

Three questions:

1. Is there much happening out there in the way of sellside equity research or does it all tend to be buyside stuff?

2. How highly regarded is the ACA accounting qualification out that way? I know in the UK it is looked on favourably but in the US it is unheard of and accountants get no respect. What is the case in MENA?

3. How is big 4 experience viewed coming from a Transaction Advisory background? Is it possible to jump from Big 4 to banking / research / PE or is a stint in IB required first?

Thanks ZaZa

ZaZa's picture

TwoNineSeven: ZaZa, thanks

O
(Baboon, 116
 
Points)
 on 9/26/12 at 4:28am
TwoNineSeven:

ZaZa, thanks for an insight into Abraaj's current situation.

I was going through Abraaj's career page. A quick question, are Internships / Analyst positions at these PE firms like Abraaj processed through in-house HR department?

In house HR - I would go through them.

See my other WSO blog posts

ZaZa's picture

Maherj1: Hey ZaZa, like the

O
(Baboon, 116
 
Points)
 on 9/26/12 at 4:51am
Maherj1:

Hey ZaZa, like the thread.

Three questions:

1. Is there much happening out there in the way of sellside equity research or does it all tend to be buyside stuff?

2. How highly regarded is the ACA accounting qualification out that way? I know in the UK it is looked on favourably but in the US it is unheard of and accountants get no respect. What is the case in MENA?

3. How is big 4 experience viewed coming from a Transaction Advisory background? Is it possible to jump from Big 4 to banking / research / PE or is a stint in IB required first?

Thanks ZaZa

1. Truth is I don't know, let me think about it and do some research. I will get back to you - very good question.

2. Most expats here are from European/UK educational background (well professional expats), ACA is as recognized as other qualifications and as sought after as the US ones. The rest you learn on the job anyway.

3. Very well, you can go directly into PE or go into the investment side of a corporate. There are companies of course who will ask for "only top tier investment banking experience", but there are plenty of other interesting players in the market who won't. As long as you have the right "investment banking culture" (which is the more difficult part) and the technical skills you will be fine.

See my other WSO blog posts

AndyLouis's picture

thanks ZaZa! very helpful

 
Points)
 on 9/26/12 at 11:17am

thanks ZaZa! very helpful post

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D M's picture

Any lifestyle tips for an

O
 
Points)
 on 9/26/12 at 2:18pm

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

Flake's picture

I'm more concerned about the

ER
(Neanderthal, 3,587
 
Points)
 on 9/26/12 at 3:56pm

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

Interest.ed's picture

FBI and CIA are closely

 
Points)
 on 9/26/12 at 5:43pm
aempirei's picture

I tried unsuccessfully to get

IB
(Gorilla, 726
 
Points)
 on 9/27/12 at 1:04am

My name is Nicky, but you can call me Dre.

ZaZa's picture

aempirei: I tried

O
(Baboon, 116
 
Points)
 on 9/27/12 at 1:09am

See my other WSO blog posts

Bernanke23's picture

Any additional color on

IB
(Baboon, 139
 
Points)
 on 9/27/12 at 1:34am
ZaZa's picture

D M: Any lifestyle tips for

O
(Baboon, 116
 
Points)
 on 9/27/12 at 1:54am

See my other WSO blog posts

miz03's picture

I lived lived in UAE for

CO
(Monkey, 30
 
Points)
 on 9/27/12 at 2:22am
above_and_beyond's picture

miz03 is right. My best buddy

IB
 
Points)
 on 9/27/12 at 3:06am
ZaZa's picture

above_and_beyond: miz03 is

O
(Baboon, 116
 
Points)
 on 9/27/12 at 3:19am

See my other WSO blog posts

D M's picture

http://www.taxmeless.com/page

O
 
Points)
 on 9/27/12 at 3:07pm

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

Financier4Hire's picture

I am active in private

PE
(King Kong, 1,110
 
Points)
 on 9/27/12 at 6:59pm

"The future isn't what it used to be "-Yogi Berra

"Perhaps you've failed to take into account my hidden assets"-007


The coolest cat on WSO
My BLOG

PetEng's picture

Been to Dubai a few times.

O
(Gorilla, 746
 
Points)
 on 9/27/12 at 8:04pm
non-target BB Banker's picture

ZaZa thank you so much for

IB
(Baboon, 127
 
Points)
 on 9/28/12 at 6:48am
D M's picture

PetEng: Been to Dubai a few

O
 
Points)
 on 9/28/12 at 7:14pm

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

above_and_beyond's picture

D M: PetEng: Been to Dubai

IB
 
Points)
 on 9/28/12 at 10:22pm
D M's picture

above_and_beyond: And chicks,

O
 
Points)
 on 9/29/12 at 2:42am

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

PetEng's picture

D M: PetEng: Been to Dubai

O
(Gorilla, 746
 
Points)
 on 10/1/12 at 6:33pm
D M's picture

PetEng: D M: PetEng: Been

O
 
Points)
 on 10/2/12 at 11:38am

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

ZaZa's picture

D M: PetEng: D

O
(Baboon, 116
 
Points)
 on 10/9/12 at 2:07am

See my other WSO blog posts

ninja_girl's picture

Hey Zaza, Ive been trying to

(Monkey, 34
 
Points)
 on 10/16/12 at 8:36am
bananaman123's picture

ninja_girl: Hey Zaza, Ive

(Chimp, 15
 
Points)
 on 10/16/12 at 10:27am
ninja_girl's picture

Thanks Bananaman123. Are you

(Monkey, 34
 
Points)
 on 10/16/12 at 10:42am
bananaman123's picture

No ninja_girl. I am currently

(Chimp, 15
 
Points)
 on 10/16/12 at 12:50pm
International Pymp's picture

Expats don't pay on the first

RE
(King Kong, 1,882
 
Points)
 on 10/18/12 at 2:55pm
Anacott_CEO's picture

Yeaaa..

CF
(King Kong, 1,259
 
Points)
 on 10/18/12 at 2:58pm
ZaZa's picture

bananaman123: ninja_girl: H

O
(Baboon, 116
 
Points)
 on 10/22/12 at 6:36am

See my other WSO blog posts

googly84's picture

ZaZa - am a Manager at a Big4

CF
(Chimp, 1
 
Points)
 on 11/11/12 at 3:25pm
quagmire's picture

ZaZa, can you please message

(Chimp, 1
 
Points)
 on 12/19/12 at 7:23am
spilinmy's picture

This thread is very useful.

IB
 
Points)
 on 1/13/13 at 5:21pm
tradewell12's picture

middle east is not the place

PT
 
Points)
 on 1/13/13 at 5:43pm
spilinmy's picture

I'm currently working in

IB
 
Points)
 on 1/14/13 at 7:17am

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