Financial services professionals in the UAE and the Gulf are being increasingly offered perks like sign-on bonuses, a rarity in the region, as companies seek to attract and retain talent.
Asset management firms, private equity companies and hedge funds are hiring robustly, according to recruitment consultants.
“We’re not really used to sign-on bonuses in the Middle East. But some of the sign-on bonuses currently being paid to portfolio managers within multi-strategy hedge funds are between $3 million and $5 million,” says Oscar Orellana-Hyder, co-founder of Dubai-based executive search firm Cordell Partners.
Adam Man-Cheung, senior director at recruitment consultancy Michael Page, agrees that there's been a “noticeable increase” in companies offering sign-on bonuses. These depend on the candidate, their seniority, specialism and tenure in the business.
Such a perk wasn't prevalent a few years ago in the region, although it has been internationally. When candidates join, they need to forego their existing bonuses, so the sign-on bonus is in recognition of that, he explains.
Carried interest agreements
Another perk being offered to FS professionals is carried interest, according to Mr Man-Cheung. Carried interest refers to a share of profits earned by general partners of private equity, venture capital and hedge funds.
“We are also seeing more long-term incentives being used to incentivise, attract and retain candidates,” he says.
“This illustrates a maturing of the market and aligning with international financial services standards that we've seen for years in the more defined jurisdictions like London, New York and Hong Kong.”
The UAE, the Arab world’s second-largest economy, aims to attract more investments in financial services, Minister of Investment Mohamed Alsuwaidi told the Investopia conference in Abu Dhabi in February.
“We are still far behind where we would like to be in financial services,” he says. “For me, there's definitely significant room to grow there, whether it's in the asset management business, whether it's in the insurance business, whether it's even in the banking and whether it's technology or FinTech or so on.”
A growing list of asset managers, insurers, financial institutions and investment houses have chosen to set up base in the UAE in recent years. New York-based BlackRock, the world's top asset manager with nearly $11.5 trillion in assets under management, received a commercial licence to operate at Abu Dhabi's ADGM in November.
“There is appetite to do business here, deploy funds and set up offices. The government has a commercial mindset and incentivises plans to help businesses grow. In other European or US geographies, it's very difficult as there's a lot of red tape and politics,” Mr Orellana-Hyder says.
“Safety and security here is also better than London and New York. There is also a good family environment. All these soft factors complement the UAE’s tax-free environment. The potential taxation of carried interest in London is also a massive factor why talent is moving out.”
Which roles are in demand?
A “fairly large” influx of international asset managers is coming to the region, and a lot of them are setting up in Saudi Arabia and Abu Dhabi, Michael Page’s Mr Man-Cheung says.
Compliance professionals and fundraising roles have seen strong demand over the past few years. Existing international asset management firms are now looking to set up some of their investment teams here, too, he adds.
Mr Orellana-Hyder says many US and European hedge funds, investment managers and asset managers are in the UAE this month to find an office, to identify who they could raise funds from, and to source talent. They go to New York University Abu Dhabi, Sorbonne University Abu Dhabi or Insead to hire graduates.
“The Dubai Financial Services Authority signed 154 new licences last year. To get a license in DIFC and ADGM, you need people in compliance, risk, finance and a senior executive officer. Over time, you also hire portfolio managers and analysts,” he says.
“We are hiring financial services professionals from developed markets in Europe, London, Singapore, Hong Kong and South Africa. More and more North Americans are also coming and setting up their office here.”
When larger companies want to hire wealth managers, relationship managers, fundraising and compliance professionals, they favour people with regional experience and understanding of local compliance regulations. When the role is less specialised, they often go for international experience, Mr Man-Cheung says.
Perks and bonuses
This new ecosystem of investment managers is used to being paid “New York-level salaries and bonuses”, according to Mr Orellana-Hyder.
“Flexibility is right up there on people's radars. The compensation packages are getting more imaginative. I recently organised a pet allowance to move a dog from West Hollywood to Abu Dhabi for $8,000,” he says.
Mr Man-Cheung says the typical bonus in PE firms and asset management investment teams is about six to 12 months’ salary.
“The usual bonus in investment banking in a good year is about 13 to 14 months’ salary, whereas in a bad year, it’s worth about three months’ salary. For back-office and mid-office teams, the bonus is usually about two to four months’ salary because they're not fee-generative roles,” he says.
The salaries for digital assets jobs are higher because there's potentially higher risk, according to Mr Orellana-Hyder.
Compliance jobs in digital assets are very popular. Hiring in this space is mostly driven by crypto exchanges, crypto hedge funds and the underlying blockchain providers.
Meanwhile, while family offices “can be very tight on salaries … if you are loyal and dedicate time to them, they can reward you very well”, he says.
“On average, regulators offer probably 20 per cent or 30 per cent salaries less than industry players. But you get a lot of visibility working for a regulator. That's attractive to people who have already made their money and are at a later stage in their career.”
Banking jobs under pressure
With many banks, regionally and globally starting to struggle, they are losing talent to funds and new start-ups, Mr Orellana-Hyder says.
“Gone are the days when graduates were desperate to work for Deutsche Bank, Goldman Sachs or Morgan Stanley. The big brands are losing people to boutique brands,” he says.
“In the next year or couple of years, we're going to see a real uplift of boutique banks, boutique asset managers, the smaller, more agile and nimble ones will be able to compensate better.”
Similarly, Michael Page’s Mr Man-Cheung says that with the digitalisation of banks, there will be a reduction in lenders’ retail headcount. But it is business as usual in wholesale corporate banking, he adds.
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
WITHIN%20SAND
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Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
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MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
UAE currency: the story behind the money in your pockets
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
UAE currency: the story behind the money in your pockets
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Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Coal Black Mornings
Brett Anderson
Little Brown Book Group
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
MATCH INFO
Bayern Munich 2 Borussia Monchengladbach 1
Bayern: Zirkzee (26'), Goretzka (86')
Gladbach: Pavard (37' og)
Man of the Match: Breel Embolo (Borussia Monchengladbach)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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MORE ON IRAN'S PROXY WARS
MO
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
