Andy note: I'd like to introduce Zaza, one of the newest members of our contributing author team. After doing time, ZaZa escaped the Investment Banking Department of a Top Tier Bank on a one-way flight to Colombia. Since then she went around the world, indulged and learned some other useless skills. Lately she resurfaced again - this time in Abu Dhabi and as a recruiter for some of Middle East’s largest sovereign wealth funds and investment banks.
Who else writes for us you wonder? See the WSO Top Blogger Page for more bios..
My first one goes to everyone who feels the competition back home for their next career move. In that case it is definitely time to consider Doha, Abu Dhabi, Dubai, even Riyadh. All these cities are hidden like little gems in the middle of the desert, where the petrol is cheaper than water. So much money flows here, that they can afford to buy each tree its own little pipe to water it, how idyllic.
What this means in finance terms is that they have money, billions of it to invest. ADIA, Mubadala, EIA, QIA are actually known for doing deals, solely or co-investing with US or European partners. They are government organisations, who offer lucrative contracts with a lot of protection and very nice salaries indeed. Their mandates are to invest the money of their respective Emirates/Countries and make sure that once the petrol has finished there is still a country with money left over.
This is why investments in the oil & gas, energy & power, infrastructure and the FIG sector are all very developed out here. Professionals who have always wanted to concentrate in one specific sector and stayed away from “diversifying” are especially valued here and if you happen to have some knowledge of a random Arabic dialect, you will be very much appreciated. But even that is not necessary, since no one is actually expected to speak it in the work place.
You will of course have to get used to a couple of rules of respect – the most difficult of them (personal experience, because I am just so affectionate) is the prohibition of public displays of affection. Alcohol comes only in non-transparent brown bags from secret shops and buying contraceptive pills looks, so shady you almost think its better to just be pregnant. But all of these are just minor inconveniences compared to the nights you will spend camping in the desert and sleeping under the stars, driving Porches and BMWs and getting your Tuesday night take away at Cipriani’s.
Sounds nice? You are already looking where to sign? Well there are two sides to every story, but lets leave all of these for the next post...
There is too much green in your picture.
Funny that I managed to get the picture "too green", whilst describing the desert. I must be very eloquent :)
You will enjoy the next post...
Funny that I managed to get the picture "too green", whilst describing the desert. I must be very eloquent :)
You will enjoy the next post...
I'd rather not go there actually..
we'd rather not have you here
This is fascinating. I hope you post more on this topic: SWFs are a huge player and have gotten very little attention from an employment perspective.
I'm looking forward to hearing more from her as well.
From my Oman experience, business culture was different, not necessarily in a negative way either. The weight placed on building genuine relationships was strong enough to fill entire workdays. At the market, specifically, the trading floors were nearly empty. Volume was comparatively negligible before the recession, but investor confidence dropped precipitously after.
Culture at the bank was also laid back. I worked on a few PE deals with a small team, including two others. I primarily worked with a very talented, humble associate from India. He was showing me around the office when I noticed an open book on his desk that looked too familiar, "Hey, I think we used that book in class! Damodaran?" "You must have: this is the Bible of Finance." There's still something satisfying - unifying, perhaps - in seeing such a classic being used on the other side of the earth.
Thank you - you two got the discussion going. A lot of questions there, which I should probably turn them to posts, since each one is a theme on its own! The opportunities here are across the board, but I would say you will really have a blast - young, after completing the graduate training somewhere else or just after an MBA. Take it as a nice vacation. In general its true what clar0788 said - its all about relationships. But not the active/invasive networking kind, its more about the laid back, cool relationships that you build by working together or by having fun together. I would say active networking here has pretty bad publicity... relocation is necessary and to be honest, you want to relocate. Depending of course of the lifestyle you enjoy, you can have a lot of fun here.
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I have friends who interned in Dubai with McKinsey and SAP ... they have nothing but good things to say.
interested.
I spent six months living in Muscat, Oman, where I spent time working at the securities market as well as an Omani investment bank. Gulf Arabs are the most hospitable, welcoming people I have ever met; there was rarely a meeting or introduction that didn't begin with an hour long conversation regarding the compatibility between Christians/Muslims.
I'd love to hear thoughts on Doha.
I'm interested as well. I don't know any Arabic, but I have a knack for languages.
cool, interested as well...always wondered what it was like to work in finance over there as well.
I'm saudi working in Riyadh doing PE. It's my first year but I get to sit in meetings with other fund managers/ceo's which is great.
Saudi born and raised (not a citizen, though) I might have to say that Riyadh is indeed one of those ''little gems'' hidden in the middle east. Doha and Dubai, and to some extent Abu Dhabi do have excellent exposure and marketing campaigns going on currently but Riyadh doesn't have alot to offer interms of leisure and entertainment.(thats why we have millions of the country's population flocking overseas for tourism each year.)
That said, Riyadh is still considered the place where serious cash comes to existence. In terms of SWF, their brethren in Qatar and Emirates are pretty much the guys doing the heavy-duty work and all the flashy/flamboyant deals globally.
Downside around here (aka MENA) is that work is seldom done professionally, even in large-scale transactions. The people here prefer a laid-back approach to life and everything in it and so, business is affected by such mentalities.
But Zaza, still interested.
:)
having lived in several countries in the ME including 4 years in Jeddah, the experience in Saudi Arabia is that of being sentenced to a minimum security prison. Yea the food is great, there's lots of social activities especially if you live in the compound (cue wife-swapping!), but you can get attacked by booty warriors at any moment (they called them Mutawa over there) and it's still a prison (i.e. if you try to leave the city without an iqama you will have 24-48 hours to ponder all possible definitions of the word intransigence in a real jail cell). Plus you can spend your whole life working there and the moment a local shows up with a University degree and not much else, you lose your job. Other than that and being blamed for any issues (think car accident) with locals, because the accident wouldn't have happened if you stayed in your country it's not a bad place. Would strongly reccomend focusing on the Emirates for your expatriate adventure.
Ah yes the legends of Riyadh, please keep writing since I will only be able to pass on impressions of others in my posts. As an unmarried lady, I am not very welcome in that country. I will meet a Saudi though (apparently from the Saud family!) this weekend, so I will be able to share more once I have done my research. My personal impressions of KSA so far are quite mixed, there are some like you who can only describe it as a prison and then there are those who remember parties in houses with transparent roofs under swimming pools... two sides to every story I guess.
The American fear of the Middle East and general reluctance to leave the United States will never fail to amaze me.
I am seriously considering a move to the UAE in the next 9 to 12 months. If anyone, and particularly ZaZa, can offer insight into the following I am all ears:
1) What is the best way to land a job in the middle east, i.e. online apps versus networking versus recruitment firm? 2) Is it essential to be on the ground to make headway or can efforts made remotely have successful outcomes? 3) How long does it typically take for an ex-pat to land a job and relocate? 4) I have heard its not worth moving to the middle east as an ex-pat unless I am further along in my career - currently Senior Analyst expecting promotion to Associate - is this accurate? If so, what are the reasons for this? 5) What is the job market currently like in the UAE? 6) Are packages to ex-pats as attractive and comprehensive as what they once were? 7) What is the value of the CFA designation in the region? I have passed Level II and am enrolled for the June 2013 sitting of Level III - should I wait until I pass Level III before applying?
Thank you for all your questions:
Not trying to hijack the thread, but does anybody know anything about working in Singapore, Malaysia, or Thailand?
Those are the only locations that an MBB is recruiting undergrads at my school for - I just have no idea what the affect on career development would be, nor the lifestyle of living over there (I do have a close friend who lives in Malaysia though)
If I may ask, what did you go to Colombia for?. Did you work anywhere else in latam?
Ahhh Colombia...always brings a smile to my face. I went for fun and to detox after my investment banking experience. But yes, I worked for two years in Brazil.
Hey Zaza!
+1 to bananaman 123's questions
Also a few extra from me specific to MBA's:
1) Are there any target schools for MBA programs. For instance, H/S/W for sure have huge international appeal, but what about schools like Tuck or Booth where the international recognition is lower? 2)Does the 'name game' play a huge role there like it does in the U.S? 3)Does it matter/do they care about degree programs, (kellogg 1-year, NYU Part time?) 4)Just like bananaman said, hardly any of the top PE firms from the mid. east have come to campus, how would we be recruited/considered for positions?
Thanks for your insight!!!
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