AU
A banking job in Dubai, it seems, is no longer as secure as it once was, and with more redundancies predicted in the coming year, expat workers are looking to Abu-Dhabi for new opportunities.
The Dubai financial sector can no longer be viewed as a sanctuary for Western bankers. The likes of Credit Suisse, Goldman Sachs and Morgan Stanley are already trimming their Dubai teams, and mid-market investment bank Jefferies is closing its office in the Emirate,
Mahdi Mattar, chief economist at Shuaa Capital, says: “Dubai will be worst hit out of all the emirates in terms of job cuts, because it relies heavily on banking and real estate industries.”
For expats reliant on employers for visa sponsorship, Dubai is not the greatest place to lose a job. Those who are let go have only one month to find another position before they are obliged to leave the country.
“Unless they are able to find a new sponsor quickly, they will have to leave and with that they are taking their demand and consumption, so the ripple-out is more serious in the economy,” Simon Williams, chief Middle East economist at HSBC Holdings told Zawya Dow Jones.
With new banking opportunities increasingly thin on the ground in Dubai, foreign workers are viewing Abu-Dhabi with a more eager eye.
Unlike Dubai, Abu Dhabi is believed to be relatively sheltered from the credit crunch. It has massive oil reserves, and financial institutions there are still keen to recruit.
Richard Lett, head of banking at recruiters RP International, says: “Sovereign wealth funds in Abu-Dhabi, as well as investment banks, are keen to hear from Western bankers already in the region. We’ve noticed an upswing in interest from candidates.”
Alex Cormack, director, head of Middle East at executive search firm Sheffield Haworth, agrees that bankers are more willing to explore Abu-Dhabi-based opportunities, but adds that Doha, Bahrain and, increasingly, Saudi Arabia are also attractive options for expats.
Not only Abu Dhabi other states in middle east now opens door for employment. Now it is their turn to enjoy and avail the expertise of bankers who has no room in Dubai. Middle eastern countires who did not think earlier now becuase of experties diversion to their country they can revamp, restructure and reorganize their macro economics activities in more productive and viable way.
Dont say bye to hopes .Abu Dabi is the place for our good apportunites
I do not agree fully on your findings. Indeed the global financial crisis had an impact on the major developed,developing and even vibrant market like dubai. The aftermath will defenitly create some impact and some may lose jobs as well. But many of the dubai developments are more on government backed initiation and could not have such havoc or down trodden effect on the market. The slowdown is a part of cautious move for future avertion of crisis.
Job insecurity is affected not only in dubai but also every where in UAE. Even in some industries in abu dhabi are also reducing their work force. So that this phenomina is common to all over the world due to the worst global economic condition
THIS IS AN ABSURD FINDING.ABU DHABI IS NO LESS GOOD TO DUABI. IT DOE”SNT HAVE ENOUGH ALTERNATIVE SPACE TO ACCOMODATE PEOPLE. AND CONSTRUCTION INDUSTRY IS SHOWING SLOW MOVE NOW.I JUST DONT KNOW WHAT PEOPLE SEE IN ABU DHABI.
Goodbye Dubai and other Emirates Also . All as a result of the global economic crisis has helped banks operating in UAE to deepening the sense of this crisis by changing the real estate lending (Mortgage) , in particular, which likely sense that the economic crisis significantly affected the UAE economy, prompting many to withdraw liquidity from the market and not to engage in new projects Investment or short-term or long-term, which helped to exacerbate the crisis. I think that the government did not intervene in the promotion of UAE real estate market through mortgage banks loans and grants financial help to finance real estate as in previous years will see the strongest impact, which will be extended to years.
Sadly it may be time for recruitment firms may now have to return to the Uk and bring along with them the vast candidate of western accountants and bankers these agencies have lived off in placing them throughout the Gulf.
Like myself they must all taste the dole que. I dont like to see this happen to any one more so especially to my UK brothers and sisters
Can I say to those westerners from UK, there is always sunshine after dark clouds-do not loose hope-keep persevering
Abu Dhabi was relying on huge oil export income, due the downward trend of oil prices, their main source of income has already started dwindling, while dubai was relying on cheap credit and cheap labor to sustain its economy, it finds itself cornered by the global credit crisis.
so it is better to move out of this place.
It is right to say that Dubai is not welcoming expat any more because of the crisis they start facing now and this will definitely lead to heavy job cuts not only in banking industry but through out the economy. In order to be safe as an expat, one should start looking for the jobs in other economies like Saudi Arabia, Kuwait, Qatar etc.
I FEEL THE FINDINGS ARE SOME WHAT LOGIC. THE GLOBAL FINANCIAL CRISIS HAD A MAJOR IMPACT AND INSECURITY TO THE WORK FORCE. BUT THIS UNCERTANITY IS THERE ALL MOVER MIDDLE EAST ONLY THE PERCENTAGE IS DIFFERENT AND DAY BY DAY IT IS INCREASING DUE TO LACK OF FINANCIAL LIQUIDITY IN THE MARKET.
Major economic powers predicted and were discussing the recession well in advance while in the UAE, there is absolutely no transparency whatsoever. The local press is the worse and persists in feeding us lies, the whole lies and nothing but lies. To seek the real truth and smell the suffocating stench emanating from the local economy, one has to read international newspapers. The UAE especially Dubai will be severely impacted because of the recession and credit crunch for two main valid reasons, Dubai is neither an industrial city nor has the precious petrodollars. It relies on its real estate sector which is rife with innumerable legal loopholes. Indeed, Dubai is like the Titanic that looks attractive from the outside but is so fragile from the inside, a real bubble. Time to pack and go NOW!!!
DUBAI is apparently guided by the LONG TERM CONSUMPTION /GROWTH/ DEVELOPMENT/INVESTMENTS. These solid macro economic vision coupled with well administererd open market , WILL SURELY EXCELL ECONOMY OF DUBAI TO THE HIGHEST MAGNITUDE. Nevethertheless the non realistic optimism of so- called expats,particularly ADVISING a few to swim in the BUBBLE WAVE , have created trouble for the shallow advised. Despair and gloom may better not to be GENERALISED.-rEGARDS -
i feel the findings are some what logic.the global financil crisis had a major impact and insecurity.
The basics of having so many banks catering to the population of the UAE itself is a bit suprising. The obvious downturn in the real Estate Sector was inevitable. The thing to watch out though is how does the govrnment find the liquidity to cater to it ailing Real Estate Market and would there be more jobs created in the immediate future.
lifes trials and tribulations are nothing more than a mirage believed to be real by those who failed LR