Riyadh Private Equity Scene (culture/hours/exits)
Hello all,
I am currently an associate at a respectable MM fund in London. Recently, I got an offer to join one of the largest Sovereign Funds in the Middle East in their Riyadh office.
The conditions are incredible (more than twice my total compensation in a tax free country) and the job seems interesting as it is in a large global diversified fund with lots of things going on.
However, I am not 100% sure about the location - unlike Dubai, I am very unfamiliar with Riyadh and KSA, I literally know no one in there, and although Middle East hubs such as Riyadh, Dubai or Qatar are very welcoming to western people and are becoming more open minded, I fear the cultural shock might still be important.
Has anyone worked and lived in Riyadh being foreigner? How is the working culture? Is it easy to socialise? What did you find the most shocking about living in KSA?
For your info, I am a 25 years old male, with absolutely zero arabic language skills and I would move there alone.
Would it be possible to dm - happy to provide insights
Congrats on the opportunity, I assume the offer is for PIF.
Never been to Saudi, but I have been told that KSA is way behind Dubai, Qatar and Bahrain in terms of culture and society, e.g gender segregation, attitude towards women, openness to western values, dress code... but it looks like the country is improving in this aspect.
Despite all this, if you manage to adapt, it could be an enriching experience, you can work there for 4 or 5 years, secure the bag and then return to London with half your live solved.
Bump
I didn't join the workforce yet but as a Saudi, the country is becoming very open nowadays, and you porbably could find a compound with only westernes living there, which may make the relocation easier
It honestly blows my mind that people on this site consider going to backwards shitholes like that. I love money as much as the next person here but happen to love freedom a tad bit more.
Not to mention it’s a very poor long term decision. You pretty much can’t go back to PE in the west if you leave to the ME.
Being the guy in between the Middle East SWFs and western investment firms, private equity or otherwise, is a pretty good (if not fucking amazing) place to be. Probably much better than middle management at a MMPE firm in London. Yeah some doors close, but others open that weren’t there before if you play it right. Something much bigger than a W2. To your point though if you get fired/never really make it into a decision making seat or build trust with those types/hate living in ME/aren’t really in it for the long haul it may be a wash.
Edit: Admittedly, I didnt read the post till the end. OP is 25 so probably only a couple years into his career. I wouldn’t make this move so early hoping for what I mentioned above. You are going to be a grunt for a long time and they’ll know you won’t have much options back home(power is in their court and increases the longer you stay there). I would advise against this move at this point in your career.
I doubt there is much you can do elsewhere and not do in the Middle East
from the middle east but grew up in USA (red state) the america of 5-10 years ago when i was growing up was very different than it is now freedom wise. Maybe it’s just my generation, but especially if you’re a white collar straight male, the middle east is much more free and welcoming than NYC was. just my take.
from the middle east but grew up in USA (red state) the america of 5-10 years ago when i was growing up was very different than it is now freedom wise. Maybe it’s just my generation, but especially if you’re a white collar straight male, the middle east is much more free and welcoming than NYC is. just my take.
Looks like someone hasn't been bummed / stabbed on their way home from the office in London /NY yet...its a real possibility unfortunately. Take the money , security and weather while you can
If you have any desire to have a long term career I would avoid MENA. Doesn't look good on a CV unless you work for like ADIA.
IMO - this move only makes sense if you are older (e.g. late 30s or 40+) and have a family.
Unless you are originally from the Middle East, it seems like it will be next to impossible to meet a partner while working in Riyadh and social life will be non-existent. Also, I've heard work experience in Middle East is not really valued outside of the region, so it makes transitioning out of Riyadh very hard if you don't like it there (effectively pigeonholed).
This move makes sense if you have a family and your partner is supportive, cause you can literally work a few years and have enough money to retire. I have family friends that work in energy and work in the Middle East. You basically live a very nice compound segregated from the outside world. Housing and food is often provided, so you save an enormous amount of money.
Can you give a ballpark on total comp?
I had a similar opportunity at your age to move to Riyadh. I spent about 1.5 years there before leaving for another opportunity in Dubai. The Saudi Arabia of 2023 is very different from even 2019, and now is an exciting time if you want to watch a country develop in front of your own eyes and contribute to it through working at PIF. The Middle East is also a great region for the right person - especially if you connect/ vibe with the Arab way of life.
Living in Riyadh as a young expat is most appealing if you live in one of the best compounds and are able/ willing to travel on weekends for fun. Living on a compound allows you to meet other expats - of which there has been a growing community in the last few years. All the top consulting firms in the region (MBB, Strategy&, etc.) are also now only hiring for their Riyadh office, so a ton of non-Arab expats are moving to the city. Once you get connected with a few expats, the Western social opportunities open up, including bars on compounds and Embassy parties. Riyadh itself also has a lot of stuff to do nowadays, but I will say most of it centers around going to malls and eating at fancy restaurants, which gets repetitive. I would also encourage you to try and make friends with local Saudis as they are extremely hospitable and kind people, something I have actually found to be the case for most Gulf Arabs despite what stereotypes may tell you.
The biggest challenge will be the working culture. I work in consulting and often Saudi clients expect the world but don't have a ton of initiative to act on anything, which leads to teams of consulting firms working around the clock often with little to show for it. There is also ultimately a ceiling you will hit as a non-Saudi, as is the case at most SWFs.
Happy to answer any other specifics.
have experience living in the region, DM me happy to chat
You should go. Waiting to age 35-40 is tough because the window will have closed, and plus families have different needs than a single 25 year old.
15-20 years ago when the UAE sovereign wealth funds started scaling they paid top dollar for foreign talent, who were there to not only invest but also to train the next generation of Emiratis.
The locally hired analysts and associates on these teams were the best and brightest (or hardest working, or just the most connected) kids in the UAE. Being locals, they were all on the fast track. A decade later many of them became CEOs or key executives in major organizations, while still in their 30s.
That’s why you go to Riyadh: to network like crazy with the next generation of movers and shakers when they are still young and friendly and accessible, in a region that will be for the next decade or two flush with capital to deploy. m
Do a bit of research and you’ll realize many of the foreign expats in positions of power now were college buddies or MBA classmates with the right people and just played their cards well.
Work hard, network, don’t be too crazy, keep tabs on those that are going places and make sure you can be helpful to them. The exit opps and experience will be invaluable even if you don’t spend a decade there
Grew up in Riyadh, Saudi Arabia, and currently studying and attempting to break into the finance world in the u.s. before I can make my move back to Riyadh.
First of all avoid all these comments, most of these people haven’t gotten the faintest idea what truly is the purpose and meaning of life lol.
But the scene in Saudi is pretty laid back for how life is lived, you don’t need to speak Arabic to be living and thriving in Riyadh, most people speak English now, and the society is a lot more western than what people would imagine. There are the best of the best restaurants in the world. An ever growing population and the most beautiful women in the world.
The PIF is the biggest firm in the world right now they have coffers that can’t run dry and have the right to everything within the kingdom, and you’d be working with the most powerful people in the country, now if you keep all that in mind and take into account that they’re heading towards a future of even more potential growth for this is the first time they’ve ever opened up the country globally. Then I think you could create your own exit opps within Saudi Arabia. And you have to understand our society functions on waasta or connections in English, there isn’t any price tag on it no market for it, there are those who have it and those who don’t, with this you’ll be of the ones that do so your choice is between being a nobody in country where they got millions like you or being a someone in a foreign land just like your forefathers.
And life is a lot more luxurious in Saudi like I swear the western life is like that of peasants even for the wealthy.
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