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Saudi Arabia may not sound like the most enticing place for expats, but it’s attracting increasing numbers of them to its growing banking sector.
Headhunters report gargantuan growth in Saudi finance jobs. Given banks’ interest in the kingdom, this is hardly surprising. Deutsche Bank, JPMorgan, HSBC and BNP Paribas are already there. Goldman Sachs and Morgan Stanley have teamed up with local Saudi Bank in the past three months, and UBS and Citigroup are interested in establishing (or re-establishing) a Saudi footprint, according the Financial Times.
“There is a great, great deal of recruiting going on in Saudi Arabia at the present time,” says Michael Ketley of recruiting firm MRK-Consulting.
It’s all happening rather quietly, however. Headhunters say Saudi Arabia doesn’t benefit from the PR Dubai has generated for itself. “Expats don’t think they will get the niceties of life over there,” says Emma Hackforth of recruitment firm Matchsticks.
But Ketley adds that many people who have worked in Saudi Arabia before are keen to return to take advantage of the cheaper living costs and longer holidays.
A mid-ranking banking professional with about six to eight years’ experience could expect from US$125k with two to three months’ bonus, to US$160k with six months’ bonus working in Riyadh, he claims.
This is definitely lower than what’s on offer in Dubai, London or New York, but living costs in Saudi are lower. And as the sector grows, it’s fair to expect that Saudi employers will adjust pay upwards as they compete for the best candidates.
I have worked in Saudi for a few years. It’s not that bad a place to live.
However, Saudi is a very racist society and that racism is even more evident at the work place. If you are not a Saudi, you cannot be heading a team, or if you get lucky to grow, as soon as you train a Saudi, he is encouraged to take your job ( as a right !)and you are sidelined to perform manial roles irrespective of your seniority, experience or education.
I thank God nothing like this happened to me, but I know I coleague who stayed with a Saudi bank (with a French connection)for 9 years and he set-up nearly 5 different areas and every time someone else ( a Saudi invariably) took the credit and got promoted. I thank God I have left that country and I have hired that person in my new role.
Yes there are savings there, because you have nothing to spend on !
The figures quoted in the article are grossly inaccurate. Saudi pays more than anywhere in the Gulf, period. More than 50% of investment banking revenue in the region comes from Saudi, therefore bonuses are going to be high. For family living, Saudi can be as attractive.
Agree with the racism bit, it extends from Saudi via Bahrain, Kuwait Qatar et al upto the UAE. Locals are blatantly promoted irrespective of calibre, and you get sidelined. Work in the Gulf if you’re saving to buy a house or just want to hibernate. The weather and closed society get to you. No space to breathe.
Lived and worked in Riyadh, salaries are way higher then mentioned but I have only one thing to say: sometimes money can not buy anything! it’s the lousiest place to live and work in the region especialy if u are thinking of bringing ur family
My family has over 30 years’ living in the Middle East, 20 of them in Saudi. As a child I enjoyed the expat lifestyle, but you will very likely put your marriage under strain. Also, for all the fine talk of “freedom under Islam” by Muslim women over here, the reality is very, very different under a full-on implementation of Sharia law.
No cinemas, no pubs (apart from within certain expat compounds) and no socialising with the opposite sex, well, not without the constant threat of the religious police catching you and throwing you in jail. Yep, there are reasons for the big bucks – be aware!
Dont even go there, its the worst country in the world to live in and work in. I worked there for 3 years and it was the worst decision of my life. I got attracted by the high sign on bonus and the very high salary initially, but it ruined my life, my marriage and was faced with racism every day.
Not only that, your brain atrophies when being constantly exposed to saudi’s and egyptians. Its the armpit of the world and I dont want to hear another inshallah bukra again. Sod it! on the other hand, the best diving in the world is off jeddah! :)
I worked in Saudi for a while, I would agree with the previous comment, there is a very racist attitude there in the work place. The salaries are reasonable and you can save money as there is little to spend money on, but be aware that you give up all freedoms, your employer holds your passport so travelling out of the country means co-operation from your manager. It can wear you down after a period of time. Take your family, if you have one, living alone makes the place even more difficult to adjust to.
Salaries in Saudi are not that much better and in a lot of cases worse than Bahrain, Dubai, Qatar and Kuwait.
There is nothing to do there except count your money or spend it on fabulous holidays to ease the boredom. Forget about a great place to live – utter rubbish ! The compounds are covered with barbed wire and have armed guards outside with anti tank blocks and armoured vehicles to protect them – provided the local guards actually tried to stop any would be assailant of course ! Don’t forget that it was only a short while ago that those poor French guys were killed.
Having said that if you are prepared to put up with this it can be rewarding but you would be better off going to Bahrain or Dubai and having a lifestyle AND you can still save money if you want.
I’ve been working out here for the past 1.5 years… only here to save the money, the folk out here are ok’ish. Do something wrong or if they suspect you of something you’re on the next plane home!! I know folk who have had to pack up their lives in 48 hours… On the whole not worth it…stay at home