Financial Firms Expanding in Abu Dhabi, Need for Talent Escalates
Profits for UAE banks jumped 23% in 2007, according to a report by Business 24-7, citing research compiled by Global Investment House. The report states that banking assets have grown across the board in the UAE which has enabled rapid credit expansion to households, corporations and public and quasi-public enterprises. Abu Dhabi, in particular, is experiencing a surge in mega-projects in real estate and infrastructure. Now, financial firms are expanding in the United Arab Emirates (UAE) to capitalize on high-growth markets with the potential to boost revenue and offset volatility at home.
There is a lot of investment in the Gulf and with that comes increasing demand for talent. According to executive search firm, A.E. Feldman, investment bankers as well as risk managers, private equity and real estate professionals are among those in short supply. The recruiting firm adds that candidates who are able to demonstrate strong modeling skills, transaction experience and excellent communication skills are in a prime position to benefit from the trend.
Expanding in UAE
Northern Trust, a multibank holding company based in Chicago with $757 billion in assets under management, announced it has received approval from the Central Bank of the United Arab Emirates (UAE) to open a branch office in Abu Dhabi. The firm says the establishment of a presence in the emirate is a key step developing its asset servicing, asset management and wealth management businesses in the Middle East. “Our long-term commitment to the Middle East has never been stronger,” said Biff Bowman, Chief Executive of Northern Trust for Europe, Middle East and Africa (”EMEA”). “Establishing a base in Abu Dhabi is in line with our strategy of continuing to expand across the EMEA region and key to Northern Trust’s objective of serving clients as close to their home market as possible.”
Barclays has officially opened its first branch in Abu Dhabi, according to AME Info. With more than three decades of experience in the UAE, Barclays announced plans to launch retail banking services in the UAE last May. Barclays says the move is intended to increase its exposure to attractive emerging markets and the reach of its retail banking service. Ahmed Khizer Khan, CEO of Global Retail and Commercial Banking Emerging Markets commented, says, “Increasing exposure in attractive emerging markets is central to that strategy and Barclays sees the UAE as high potential. Based on the extraordinary economic development this country is witnessing, I can only describe the UAE as the financial hub of the region, and where Barclays is now embarking on its own journey.”
Firms Sweetening the Pot
Thanks to a weaker dollar, investment banks must now dig deeper to create relocation packages, according to the International Herald Tribune. Packages vary from country to country the report states. Basic packages include at least two round trips home a year, fees for a real estate agency, moving expenses, language classes. Some companies also pay rent and utility bills, provide chauffeur-driven cars, or club memberships. If there is an entire family involved, the package increases.
