Finance Industry Update Q4 2015
Despite many of the globes financial markets slowing down and revisions to current GDP forecasts, the Middle East and Africa banking sectors are forecasting a positive outlook as we near the end of the year and into 2016.
Typically within emerging markets, such pressures (political turmoil & low oil prices ) limit the industry’s progress, but a couple of underlying factors will ensure the regions financial markets remain buoyant according to Sunil Kaushal, Regional CEO of Standard Chartered’s.
The GCC nations in particular will be the lynch pin driving growth within the region, relying on years of strong hydrocarbon profits to build its infrastructure and provide a robust and diverse economy for sustainable growth.
The development of further trade routes in the region with new ports, railways and road transport being developed currently will be one of the main driving factors in terms of its economic potential, as well as the current demographic of the population in the region.
The Middle East has the second youngest population in the world (behind Africa) with half of the regions population under 25 years with the population expected to rise nearly 200 million people in five years. Such a young population should – according to Kaushal – boost growth, driving consumer spending and asset prices, as well as boosting pension savings for further investment.
There still remains a high number of expatriate workers however that provide high numbers of workers in the banking sector and such high populations reinforce and drive the need for a sophisticated financial services sector.
However, another emerging market that continues to show signs of prosperity is Hong Kong.
With China continuing to develop, Hong Kong’s banking sector is expected to grow significantly in the upcoming months and years and an increase in demand for positions such as relationship managers, project finance and structured asset finance professionals is expected.
Most of the growth is targeted at the mid-manager level where banks are reportedly having difficulty sourcing local talent. Those with Chinese or North American experience are predicted to fill the void; providing the appropriate language skills are relevant. Junior level positions are also reportedly very high in demand.
In total, there were 492 finance positions advertised at the time of publication. The most popular country such advertisements were found was in the UAE where there was a total of 312 vacancies. The next highest was Qatar with 53, Saudi Arabia with 42 and then Bahrain and Oman with 17 and 16 respectively.
123 accounting jobs were available and 117 finance and consulting, with small numbers making up other roles such as Sales, Amdin and Legal roles.
Banking salaries are expected to rise this year according the a recent report by AON Hewwitt. UAE firms projected a 5 per cent increase in pay in 2016, up from the 4.8 per cent projection made for 2015 and Saudi Arabia firms expected to see an increase of 5.1 per cent compared to this year. Qatari and Omani firms were expected to be around the 5 per cent mark also.
There are certainly positions available in the coming term it is a matter of getting your CV in the right place.
If you would like assistance in finding such positions, then upload your CV below and be appointed your very own personal job hunt manager who will help ensure your CV gets under the nose of the right recruiters and headhunters who have vacancies they need to fill!