The Middle East continues to have an insatiable demand for finance professionals.
Demand for accounting and finance professionals in the Middle East increased substantially in the last six months of 2007, and experts predict the trend will continue throughout 2008.
Historically, demand has always been strong in the United Arab Emirates (UAE) and Saudi Arabia. However, countries such as Qatar, Kuwait and Bahrain have also experienced strong demand in recent times.
Gillian Clements, team manager, Think Global Recruitment, says economic growth in Qatar and Bahrain is fuelling demand for skilled finance staff. Qatar has the highest income per capita in the region due to its very strong oil and gas market. 'Qatar is also becoming a lot more Westernised,' says Clements. 'It's attracting a lot of English investment and hence there is demand for expats to service that.'
Demand is also strong within the UAE and in particular, Dubai, Abu Dhabi (the capital of the UAE) and Sharjah, which is approximately 20 minutes out of Dubai. 'The biggest demand is within the Big Four firms and even some of the smaller top 10 tier firms,' says Clements. 'There is also demand for corporate finance professionals and recently, international transfer-writing roles and international tax specialists.
'The other big demand is within the financial services sector, which is opening up within the UAE, particularly within Dubai where there are strong financial services markets. The large Fortune 500 firms are looking for risk-management accountants and some specialist accounting roles.'
The UAE is one of the fastest growing economies in the world and is heavily dependent on oil and natural gas. A massive construction boom and a thriving services sector are helping to diversify the economy. The skills shortage has resulted in a very large expat population, attracted by the tax-free salaries and generous housing and other benefits.
Clements points out that the average stay by an expat in the region is between two and five years, making the workforce somewhat itinerant. 'In the UAE and Dubai in particular, around 80 to 90 per cent of staff are expats,' she says. 'They don't live over here forever so it's almost like a revolving door.'
In Bahrain, further growth is expected in the financial services sector. Hedge fund firms in particular will grow and it is expected that a number of new players will enter the market in 2008 following last year's liberalisation of regulations.
In the stricter regimes such as Saudi Arabia it can be difficult for women to secure employment. In other places, the assimilation process is very easy and you may find yourself living in a luxurious 'compound' or expat village rather than a regular house in a regular street.
Clements says one of the main attractions of working in the Middle East is the work exposure gained in a less mature market. 'In many of the countries, there's still a lot of growth,' she says.
'You're going to get much better career advancement than you would if you stayed working in a mature market. Employers in the Middle East are looking for individuals of that mindset, those who are very career-driven.'
Mani Anklesaria CPA
General accounting manager for Goodyear Middle East
What are your qualifications? A: I gained a postgraduate diploma in accounting from Monash University Caulfield, Melbourne (1997) and earned my CPA qualification in Melbourne too. I had good all-round experience in audit, tax, financial accounting and management accounting before coming to Dubai.
What made you want to come to Dubai? A: I wanted to be closer to my family as my brother and his family were in Abu Dhabi, the capital of the UAE.
How did you get your current job? A: I came over here for a three-week holiday and then found a job.
What is Dubai's unique selling point? A: Its main advantage is its location. Most companies have regional offices in Europe and corporate offices in the US. So working in Dubai provides an opportunity for you to break into the global market.
Has Dubai allowed you to develop professionally? A: I have gained exposure to SOX (Sarbanes-Oxley), which assesses business risk and controls, tests and reports on internal controls in the business. I have had exposure to the global loan compliance for external funding, US GAAP and IFRS regulations. I have also gained knowledge and experience in SAP systems.
