Middle East HF scene
Hey Monkeys,
Have increasingly started to see more launches/openings of hedgies in the Middle East, particularly in Dubai. Have also seen guys recently moving from London to Dubai to work for the pods, primarily Millennium and Exodus.
Quite new to the Middle East lifestyle & recruiting scene. Would really appreciate if someone with experience in Dubai can share his experience. What is the main selling point of moving there? (besides being a tax fee countrywhich TBH, is a big one)
Also, interested to know who are the good recruiters across Middle East/Dubai, particularly in the L/S equity space.
Following. Re the background these funds hire from, how feasible is it to get into one after 2y of IB in DXB?
Hey there!
Based on the most helpful WSO content, it seems that the Middle East, particularly Dubai, is indeed becoming a hotspot for high finance jobs. The main selling points for moving there, apart from the tax-free income, include a sunny lifestyle, pampered service, and the opportunity for hedonistic spending.
Many folks in Dubai come from London and after a few years of enjoying the benefits of tax-free salaries and cushy expat benefits, the idea of losing half your take-home income to live in a smaller house, with no domestic help, and having to compete harder at work in dreadful weather... just becomes too much to bear. So, people often become career expats.
As for the recruiting scene, the context doesn't provide specific information on recruiters in the Middle East/Dubai, particularly in the L/S equity space. However, it's important to note that timing your move well is key. If it's a pre-MBA move, you've got an easy ticket.
Remember, this is a big decision and it's important to do your research and consider all factors before making the move. Good luck!
Sources: Dubai: Still a Place to Work in High Finance & Build Wealth?, Q&A: MBB, BB S&T+IB, Top MBA, US/Global
Following - someone can chip in?
Only few MMs so far who offer some of their PMs to move internally. Think that’s about it.
Hey all, just my 2 cents on life in Dubai:
lifestyle in Dubai is just different. Firstly I suggest you don't compare the UAE to, say, London or NY because it's a different ball game out here. With that said, I would argue that live in Dubai is comfortable and much more "intuitive" than any Western country. Everything is very convenient and whatever you need delivered, for example, will be there at your doorstep. There are lots of things to do and traveling abroad is quite easy. The best arrangement is being able to spend time abroad during the summer for obvious reasons but that aside, you can pick your crowd here in Dubai. It doesn't have to be stereotypical bling bling Dubai although stereotypes have certainly truths attached to 'em. Nearby you have Oman, especially south Oman (Salalah to mention a place) that is quite lush and green so you can escape the heat every once in a while.
Money-wise it's not that cheap but purchasing power is good I think. At the end of the day think about the fact that having no taxes means that even a shitty bonus will make you catch up with your "Western peers" quite quickly.
On the flip side, there isn't much regulation to anything and that means scams, no data privacy, dodgy people when you try to buy or rent a place etc. It's not that bad anyway. Most importantly, the air quality is not great so that's the one thing I find annoying. What else? Oh, may til September is really hot and humid so keep that in mind. I think that spending a few years out here is not a bad idea, worst case scenario you save some money and get back home, best case, you like it and stay (many people do stay btw).
Any questions, shoot!
How is the scene in terms of meeting women , dating , etc?
It’s great! Women basically have no rights. Very progressive society.
Dubai is quite progressive in terms of women, tbh I would not say that! Just a lot of misconceptions out there in that sense.
In terms of dating you gotta be good at due diligence lol many gold diggers out there, not to mention actual prostitutes (unless that is your thing, that is). Avoid Tinder like the plague. All in all a lot of beautiful girls out there and very international scene.
Aren't most of the ME roles in BD/IR as opposed to investing? Lots of capital to raise in the region particularly from SWFs.
Not true, I know macro pods opening up at a MM out there. Moving from ldn/nyc to ME to trade there instead
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