All,Thank you for taking the time to reading me. Asking for advice here as I tried to get a sense of what life in the Middle East (UAE) could be , but so far had a poor success rate when trying to cold-messaging people on LinkedIn.
A bit of background:
- Associate at what some would call a MF or large fund (real estate team)
- London based, but originally from another western EU country
The idea: London has been good so far, but somehow I intended to get back to my home country on the short/medium term. Thing is, there is not really MF presence there, so I would take a pay cut but still live decently as I should be able to make it to top local shops due to my current experience.However, I recently heard from relatives about very lucrative positions in Dubai/Abu Dhabi, great lifestyle for families (housing, car and other expat allowances, no tax, etc.). I am now thinking about a potential move there for a few years (stacking cash ++) before coming back, but I also heard that whatever my previous experience was, it would be heavily discounted/complicated to come back due to being in the MENA region. I must admit that weather + chill lifestyle (better hours at top SWFs) + stacking cash sounds pretty appealing to me (+ potential connections to wealthy people for fundraising).
Any thoughts would be appreciated.
.
Not currently working for EQT if it was your question
Full disclaimer is I know absolutely nothing firsthand and am from the US. That being said I have heard that its been tricky to come back once you take that position and want to leave the middle east. Just be sure to figure that out and see if there are any sort of examples of people doing that.
Thanks for taking the time to reply. Heard the same thing about Europe, but not sure why is it the case, the work being more or less the same.
Did you hear anything about the why? Is it due to bad reputation for Middle Eastern countries?
Honestly, no, I mean, I have heard people say all of your contacts are now from that part of the world, but to me, that doesn't make sense. Suppose you are investing on an LP basis globally or, more specifically, in Europe, the US, etc. I don't understand how that makes any sense because if you're the capital provider, why do your connections to the smaller, more localized GPs make a difference? Maybe I am missing something but it just doesn't make sense to me.
Understood. That does not make sense to me as well, especially as large SWFs have also direct investment capacity now. I have been working on a few deals recently (South Europe) and they were competing against us in several processes, which makes it harder as they have a very low cost of capital from what I know. In that case, they have not only direct relationships with EU/US brokers, but also investment bankers and other funds when co-investing.
Bump
It’s largely a pedigree thing same reason why experience in London is perceived as more appealing than Paris or Berlin for example and they are in close proximity.
From what I have seen it’s harder for these euro guys to get into London than people actually in the market not only because they are easily onboarded but also the assumption that the best people are already operating in the market.
On ME, my personal opinion is that it’s a cash out you enjoy the benefits but you largely dull your blade in the competitive markets regardless of deal flow. (i.e the market assumes you made the move because you couldn’t make it in prime time).
Know a few juniors and seniors who made the move. The reason is always one: money. And everyone knows it. I’d split it by seniority:
OP here - thanks for this! Just wanted to understand your second point as I would move at the associate/senior associate level. SWFs tends to invest massively in Europe, meaning that you are on a daily or weekly basis discussing with EU counterparts, working on EU deals as well. How is that really different from being in major EU cities to build your network?
Also, what about staying until director/MD position, stack a lot of cash and build a network of wealthy Middle Eastern guys? Can it be seen as valuable for fundraising or co-investing/JV partnering?
Likelihood is you wont make D, and definitely not MD through internal promotions. These seem reserved for locals or external hires.
I agree with other parts of your post, if you're in Real Estate in a ME SWF you'll be covering Europe, not local investments. Your network will be European GPs, lawyers, advisors, IBs etc. I can't see it being an easy transfer to very reputable fund, but it's a pretty obvious crossover for the larger pension funds / SWFs (ex: CPP / GIC etc) who have offices in London and would be targetting the same type of investments. Important caveat is that this assumes you're at a reputable SWF like ADIA, not some local prince's play thing.
Bump
POV: you were an analyst at a top BB (think GS/MS/JPM) in London and decided to take a leap of faith by going to this upcoming, enterprising PE fund in the Middle East called The Abraaj Group
If it’s ADIA or any other SWF. Accept it
Why? Would you mind being more specific? Interested to hear your thoughts. You can pm me as well if you prefer.
Please keep public also interested
You can’t just get those jobs. It’s next to impossible. An argument can be made they hold more “prestige” than GS.
also it’s tax free. Investments will be in Europe or NA. Well capitalized.
Well it’s pretty much Abu Dhabi Investment Authority or bust if you’re dead set on UAE
Thanks. Any idea of packages at ADIA? Also, do you know if any other SWFs might worth it and hire at associate level? I am only aware of ADIA, Mubadala, ADQ, and Emirates Investment Authority. Also, these firms are all located in Abu Dhabi but any good names located in Dubai would be great!
You could potentially live in Dubai and commute.
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