Investment Banking Dubai
Hi guys,
I know a lot of posts have already been made regarding a career in IB in Dubai, but I still have a few questions.
What are the top banks in the Middle East? From what I read: - JPM (1st), MS, Citi, GS are the top notch in the region. - The other BBs are doing poorly in the Midde East. But what are your thoughts on Rothschild, Moelis and Lazard (coverage from Paris)?
And also, is it possible to come back in London (Europe) at an Asso/VP level? (European background top school and internships). Is there really a big discount for IB in Dubai?
Do you have an approximate range of the salary in the region? From what I read: - $80k-$120k (base), 50% bonus.
I really want to correctly assess the beginning of a career in Dubai.
Thank you very much for your help.
JPM, Citi, MS, GS, Rothschild, Moelis and Lazard are all great places to be(GS has been picking up recently - they were blacklisted due to 1MDB scandalLazard has also been active recently - senior hires and opening of a Saudi office)
VP level is most likely too late to transition back to Europe/US but seen plenty of associates do the jump back to Europe (may be tougher in today's market though)
Salary for analyst 1 is within the range you gave and bonus c. 50-70% (2021 was an abnormal/exceptional year)
Edit: to add that if you are European/have a European background the jump back to Europe is definitely much easier / doable
Thank you! Really helpful!!
How is Rothschild and Moelis doing in the region? If could please share some insights? Thank you
Both very active - They’re considered among the best in the region
Do they do similar stuff in London vs Dubai? Coming from Asia office, I feel my work there is very different vs London / NY and don't really feel confident such move is doable from myside.
Industry - despite covering the same sector, the market is totally different so knowledge with Asia Consumer may not be applicable to European Retail. Also I guess Dubai is a generalist model at many shops?
IPO or public M&A process - I guess the process is also entirely different
Modeling - not sure how Dubai works but I will be comparable in a pitch but much simpler when comparing Middle East large cap M&A vs European large cap M&A
So the only thing that would be similar would be private M&A process like managing VDR, Q&A DD, SPA review, etc.
Is it very difficult to catch up for these lateral hires?
Hello, do you think ESSEC EDHEC ESCP are all targets there? Thx!
Yes - there is a significant contingent of French-educated bankers there, mostly French/North African dual citizens or North Africans students who studied in France then made the move as grads.
And a lot of them are in positions to influence junior recruiting, especially in EBs
Agree with above but will add that the jump back to europe is going to be tougher now. Headcount across many banks is higher than they would like given the tougher market conditions for the next 2-3 years so fewer spots will open. The lateral market will be tight and not being in Europe will hurt you vs other candidates.
If you are already planning on going back to Europe I would advise starting there instead. Career wise it won’t add much for the risk it carries.
Makes sense! Thanks a lot!
Can anyone talk about best strategies to network?
Same, can't connect to analysts and those who do - don't even reply
What's been your strategy to network? Do you just send out cold E- mails or linkedin?
anyone apply to moelis dubai off-cycle?
applied online a few weeks ago, no news
does everyone get the assessments?
Applied and tried reaching out to a bunch of analysts for chat, haven't heard back at all
Same, no idea how to approach them
.
Hey, interviewing there for next recruitment cycle. Could you please send me the case study :)
Thank you!
Is this for the off-cycle? If so, what's the start date?
Hello, interviewing there for the Jan off-cycle - could you please share? Thanks a lot!
I applied a while ago & did the assessment then never heard back. They got back to you?
Hey man, currently interviewing too - so you mind sharing where you are at in the process ?
Thanks
Hi, I saw your message for the Moelis Case Study. Could, you, please send me the Moelis Case study ? Would be really helpful.
Many thanks !
Hi, I saw your message. Could, you, please send me the Moelis Case study ? Would be really helpful.
Many thanks !
PM you.
Currently working at a BB in Dubai and here are my two cents based on my 4-5 years of experience:
- Best banks in the region (in no specific order): Rothschild, JPM, GS, Moelis, Citi, MS, HSBC (very dominant in Saudi)
- Decent shops: BofA, Houlihan Lokey, DeNovo and EFG Hermes (last two are regional players)
- Weak shops: Barclays, Deutsche Bank
- IB to watch out for: Lazard (hired well at the senior level, deal flow very strong, expanding aggressively in Saudi only)
- Job responsibilities and experience: For most of the BB, it is primarily coverage work which means client relationship management and running the transaction process. However, and this has become the case more often recently, Dubai analysts and associates would also work on industry related tasks (modeling, valuation, marketing material, etc) instead of just pure play process management but then again that doesn’t always happen on every deal. You sort of need to fight for that exposure or get lucky in terms of deal staffing between the MENA team and the industry team based out of London/Europe. There are 2 international banks that currently do everything out of the MENA office: Moelis and Rothschild. In terms of early level exposure (analyst and associate level), these guys have an edge over the BBs as their analysts & associates are exposed to every facet of a deal (coverage, industry, product) vs what the analysts and associates at the bulge brackets experience (each one is allocated to a certain team).
Compensation: Sexy af. You get paid US level salaries without the tax deduction. Bonuses are around the 50%-60% mark during normal times however we have had ours slashed last year and this year will probably be low as well.
Culture: Generally friendly but incredibly political. Very biased towards certain nationalities as well as particular offices within the region, so there tends to be discrimination with regards to career advances and hiring. Be very mindful of that.
Very insightful! Also what about EVR? And which banks have the best wlb / hours (if there are any true outliers)?
Don’t know too much about Evercore in the region but I have heard from a couple of people more familiar with their setup that they lag behind other EBs in the region in terms of deal flow and team size. Quite simply they haven’t been able to win as many mandates as Rothschild and Moelis have.
Thanks man, appreciate the insight. Any idea about bonuses at Roths and Moelis?
If you have the time could you please talk about how to successfully recruit for IB in UAE, any specific tips you might have, I also wanted to know how big are the analyst classes, I think moelis is the biggest at 17-18 and others are about 5-10? Will speaking the language help?
There you go, mate - heard you were looking for advice on how to get in
Is it necessary to speak Arabic to get into IBD there? Much appreciated!
bump
bump.
wondering if you can get seconded there with a couple years experience in London office, but no Arabic
How do you not get taxed if you're an American green card holder / citizen? US federal tax follows you wherever you go - the US and China are the only two countries to do this I believe.
US citizens get taxed (not sure about green card holders). My colleague gets taxed and a sizable chunk got taken out of his bonus last year.
Felt for the guy...
for US university students, what year of college do you have to be? Like can you recruit for 2024 now?
I know HL just made a few hires of top talent in the region, but can you speak any more to HL's deal flow in MENA?
Thank you for your help! How is the exit situations for Dubai IBD?
Can anyone give details on what the recruitment process looks like, and what qualifications are required, does getting a masters degree from dubai help ? If so which masters
Bump
Would appreciate also if you could share the case study. Much appreciated!
Can anyone shed some light on target schools ?
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