GF
Football, financials and film – where next for the Gulf’s petrodollars?
For organisations which supposedly shy away from publicity, the Gulf government funds have been making some high-profile investments of late. Football club takeovers, bank bailouts and film financing – where will they pop up next? For those in the dark, Abu Dhabi United Group recently made a swoop for Manchester City for the princely sum [...]
UBS eyes Islamic finance expansion
UBS is planning to expand its Islamic finance capabilities as part of its push into the Middle East, but there are signs that the sector is losing its shine in the region. The Swiss bank already has big plans. Last month it announced that it was set to double headcount in equity research and investment [...]
Big Four firms want corporate finance professionals
The Big Four accountancy firms are looking to bolster their corporate finance teams in the GCC in anticipation of a raft of M&A business in the region. Deloitte this week announced that it would be moving six partners from the UK to the Middle East with an eye to expanding the team. It will be [...]
Bumper bonuses more of a mirage than an oasis
Bankers lured to the Middle East under the promise of bumper bonuses may be disappointed – this year’s payouts look set to fall. Last week, Bloomberg touted the GCC as an M&A oasis for investment bankers who want to reel in the kind of bonuses they’ve enjoyed in Western markets for the past few years. [...]
The custodians are coming
The world’s biggest global custodians are hot on the heels of fund managers flocking to the GCC and are set to build their teams up over the coming months. Standard Chartered has just announced plans to expand its securities services business in the Middle East with the opening of an operation at the Dubai Financial [...]
Expats leaving the Gulf after honeymoon period
The GCC might be seeing a raft of applications and relocations of Western expat bankers, but many who make the move are realising that the region doesn’t quite live up to the level of pay, benefits and career progression they enjoyed back home. This means firms are struggling to hold on to the best talent. [...]
SWFs keen to bolster asset management teams
Asset management firms are vying for business from the cash-rich sovereign wealth funds, which are struggling to manage their rapidly increasing cash piles. However, this doesn’t mean SWFs are any less keen to recruit staff in-house. “Sovereign wealth funds have got too much money too quickly and are struggling to manage it,” said John Nugée, [...]
Regional banks double pay to compete with bulge-bracket firms
Expansion is the name of the game for regional banks in the GCC. They are increasing headcount and salaries so rapidly it’s even affecting their bottom line. The latest round of quarterly reporting makes for interesting reading, and not just because of the often double-digit increases in profits. In most cases, they are spending around [...]
Talent rush means banks can afford to be picky
Investment banking and capital markets revenues in the Gulf are tipped to swell by up to 25% a year. And as more bankers flock to the region in search of new job opportunities, financial firms are becoming increasingly choosy about who they take on. Richard Lett, head of banking at recruiters RP International, tells us [...]
Fearful US bankers putting out feelers to Gulf markets
US staff fearing the chop are increasingly scoping out opportunities in the Middle East. Over the last year more than 20,000 US financial professionals have been axed, according to US payroll company ADP. And things only look to get worse, with Bloomberg unleashing the pessimistic prediction that 175,000 finance jobs will go over the coming [...]
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