One recruiter says banks are eager to hire structured product specialists for the Middle East, and will buy out bonuses in order to do so.

“In recent weeks there’s been a visible increase in demand across several banks for structured salespeople to work in the Middle East,” says James Taylor, head of the regional business at recruitment firm Selby Jennings. “Managers are willing to match current salaries and even to buy out bonuses this late in the year, as well as to offer guarantees for next year.”

A vice president working in a Dubai-based structured product sales team can expect to command a 90,000 salary, plus a 100% to 200% guaranteed bonus, says Taylor, all of which is tax free.

Although Middle Eastern client experience and local languages are desirable, Taylor says they are not imperative. “The reality is that managers are looking for in-depth product knowledge and good client facing skills.”

Not everyone is quite as bullish about pay in the hi-tech oasis, however. Stuart Dale, a consultant at EM Finance, says paying guarantees and buying out bonuses at this stage of the year isn’t common “by any stretch.”

“There’s one institution that’s more inclined to do this than others,” he says, declining to say which it is. “But that’s just because they’ve lost half their team.”

Metin Mitchell, head of search firm Korn/Ferry International’s office in Dubai also casts aspersions on banks’ eagerness to hire structured product specialists at almost any price. “I haven’t seen this,” he tells us. “At the senior end most of the demand is for corporate finance staff.”