Banking Jobs - Sector Update for Dubai & Middle East.

The whole profit of the issuance of money has provided the capital of the great banking business as it exists today. – Frederick Soddy

When it was announced only last week that financial newswire Bloomberg were to double their Dubai workforce to 90 it set me thinking. Was this a strategic, simply geographical decision, or , in fact does it mean that there must be more to report on. More financial news means more finances, right?

Well, it remains to be seen, and as someone with first hand knowledge of the current Dubai banking jobs sector, pickings are not exactly ripe out there for the third quarter of 2009. Any body out there looking for a financial career change in Dubai or the Middle East is definitely going to have to work harder than they would have had to have previously.

Most global banks have retrenched or made staff redundant over the past 6 months with very few exceptions. Many of these roles, usually, within sales, had become superfluous as the credit tap was turned off. Wealth Management departments have also suffered as investors have turned more cautious during current economic woes.

As reported by ArabianBusiness.com this week; ‘The UAE economy may be in for a "pleasant shock" in 2010’ said Marios Maratheftis, regional head of research at Standard Chartered Bank ,

"To be honest I was much more nervous this time last year than I am now," he said.

"If people are shocked in 2010, I believe that they will be pleasantly shocked."

Although it was too early to gauge the total number of jobs lost in the UAE as a result of the economic downturn, the rate of decline has clearly begun to taper off, he added."We know that the labour market is a lagging indicator, so this is the last part of the market that will recover," he said.

Meanwhile, daily UAE newspaper Emirates Business is extremely optimistic about finance and banking jobs in the region. And estimates 17 to 20 per cent increase this quarter compared to the previous three months. Industry executives said companies, particularly international ones, are expected to allocate higher budgets towards recruitment and training of their staff in 2010.

Robert Half UAE, a recruitment company that has published its Salary Guide UAE 2009-2010, said demand for finance and accounting specialists in the UAE continued, whereas there was a drop in demand for support functions such as human resources and IT.

Placement consultants and analysts said it is an opportune time to hire staff at "realistic salaries". As per estimates there has been a 20 per cent decline in salaries this year and, with manpower available at lower costs, the analysts advise that organisations should not delay hiring further if they are to take advantage of the economy picking up.

The past three months have reported relative stability in job cuts globally and, if placement consultants are to go by, positive sentiment has started showing results in Dubai and Middle East financial and banking jobs and careers markets.

Sector Update as of October 2009