Finance Industry Updates Q3 2015
It has been a busy time for banking professionals in the Middle East during such tumultuous times economically with oil prices continuing to fluctuate. Recruitment has slowed in many GCC nations. However, an emerging market where there exists a current shortfall 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.
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 the GCC, stabilisation of the market and decline of oil prices continues to provide apprehension in terms of hiring and recruitment.
However in regions such as Saudi Arabia where government spending is high, the market is recording a stable rate of growth. Talat Hafiz, secretary general of the Media and Banking Awareness Committee of Saudi Banks, said:
“Saudi banks are growing despite the sharp drop in oil prices by more than 40 percent since July 2014. However, the low oil prices have not reflected on Saudi banks’ performance. Saudi banks still have financial abilities to expand their activities in the private sector.”
According to the job index survey, UAE professionals believe that the most attractive industries in the country – those attracting and retaining top talent – are banking and finance (38 per cent), construction (34 per cent) and oil, gas and petrochemicals (31 per cent).
There were 357 total banking and finance jobs found advertised at the time of publication. There were 72 accounting positions, 102 banking positions, 45 financial service positions, 44 retail positions and 128 classified as ‘other’ when searching for vacant banking positions in the GCC.
146 Mid Career level positions and 67 management positions, to most of this level out of all of the major industries.
The most popular destination was the United Arab Emirates with 149 positions advertised, whereas Saudi Arabia was closely behind them with 85. There was a considerable drop to the country with the next highest number which was Qatar with 42 and Kuwait with 16.
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