Is Dubai worth it?
Got an offer to move to Dubai for a Private Credit role. Comp is great but wondering if it is even worth it. I have around 2 years of experience at a top BB (GS/MS) in London and can't help but feel as though my career would hit a dead end if I go to Dubai.
What are people's thoughts on this? Is the money worth giving up some career potential? What is it like to work in Financial services there?
Would love to hear from anyone that has moved. Thanks!
whats comp?
Moved from LDN to DXB last summer (IB AN, ignore title) - I'm loving it here so far. Comp is much better, it's tax-free, safer, cheaper, better weather (IMHO) and I'm getting more responsibility at my bank. Great apartments and expat communities as well. Only downside is can't exit to PE but I'm happy doing IB here.
what are SWF exits like?
Quite good - me and the other ANs at my EB regularly get inbounds for the standard UAE SWFs. Comp might be at a slight discount to IB, but the perks and WLB more than make up for that. You might hit a glass ceiling, but from what I've heard you can easily get to a seat where you're working 9-5 and clipping $500k per year tax-free as a VP
There's no way you go from London weather to UAE weather and are able to enjoy the summer. It's nice if you go out and stay for like 10 minutes but you can't stay out too long or you get sunburnt in summer. The weather is also humid and not just hot, can't even drive around and park without going back into car and having it feel like a sauna and the steering wheel burns you (not to mention the seatbelt), and what would be considered a light drizzle in London would flood the place.
its quite difficult to move back to europe / us once you are in the middle east. also if ur going with a swf be mindful a lot of non-swf funds will not want to hire you as the swf may be an lp in the non-swf and so may damage the relationship
Been for work a bunch. Fun city, awesome to visit.
pros
- crazy investment, money everywhere, Islamic finance is interesting principally - if a client there thinks you did an above and beyond job, they’re going to make sure the success fee shows that
- for the ME, very progressive and western city that is largely expats. Abu Dhabi meanwhile is much more traditional
- air conditioned sidewalks
- crazy opportunity that doesn’t seem limited by race nor religion as much as I figured
cons
- hot
- your opportunities for advancement back in the us are narrow
Dubai is an absolute blast! Visited there a few times with buddies who work out there. Great opportunity to learn about a new culture and experience something truly unique.
One of my buddies is now back in the states but was very pleased with his experience.
OP, wanted to know more about the private credit offer and comp, What were the monthly figures quoted and What kind of strategies did the firm follow if you don't mind me asking
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Looking to do a similar move. What recruiters did you use? I have c2 yrs experience at a similar bank in Credit.
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