To coincide with the launch of Morgan McKinley’s 2013 UAE Salary Guide, Managing Director, Trefor Murphy, was interviewed live on Dubai Eye radio on Monday 13th May, discussing remuneration across the region.

Click here to listen to Trefor Murphy interviewed on Dubai Eye

Trefor highlights in the interview the difference between salary change forecasts over the remainder of 2013 compared to 2012 across the region.  In addition he also identifies sectors where there is likely to be an above average increase in remuneration and offers further insight into the hiring market.

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The power generation, transmission & distribution sector in the Middle East and North Africa is currently receiving significant investment from the public and private sectors. The International Monetary Fund estimates that population growth in some GCC countries will increase by over 20% by 2020. Population growth, industrial expansion and high demand for energy hungry air conditioning systems are the major reasons for the required investment in the sector.  One study shows that power capacity will increase by 7-8% annually for the next five years across the Gulf Cooperation Council (GCC), with over $100bn of investment required to achieve this.

Historically the majority of the power capacity has come from natural gas and crude oil fired plants. Investment in new Combined Cycle Gas Turbine (CCGT) plants is still a major portion of the investment.  ABB, General Electric and Siemens have all announced the award of significant orders related to power plants and substations, with General Electric announcing a $1bn investment in Saudi Arabia to strengthen their presence in the region.

With rising crude prices on the global energy markets countries are looking to diversify their energy mix. The UAE is leading the development of nuclear power in the region, with plans to build four reactors at a cost of $20bn. Saudi Arabia appears to have serious nuclear energy ambitions as well. If the UAE’s program is a success other GCC countries are likely to follow their path.

The region appears naturally suited to solar power, it has numerous Wind and Waste to Energy (WtE) projects being developed to increase its renewable capability.

The international nature of its energy mix is an interesting point; utility companies still run at a national level, with most governments heavily subsiding the cost of electricity. The developers and owners are a mixture of local and international organisations.

Anyone with an interest in the region’s power sector will be keen to see how the energy mix develops. The perceived safety and security risks of nuclear power mean the success, or failure, of the UAE’s program will be instrumental to the future of the GCC nuclear industry. The solar industry faces different challenges, namely overcoming the relatively high level of investment needed in comparison to fossil fuels, and inefficiency concerns caused by dust and sand reducing output. Fossil fuel burning plants are likely to still play a key role and provide the base load. The mix between conventional fossil fuels, renewable and nuclear is something we can expect to evolve over time.

Significant investment in the local power sector, has a historical reliance on expatriate skills. Premium tax free packages and high living standards make the GCC an attractive proposition for power generation professionals.

Please feel free to contact Jon Lauriston at jonl@morganmckinley.ae for further information on the market or specifically what opportunities are available.

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The Middle East and North Africa region holds 60% of the world’s oil and gas reserves. Some of the world’s current largest producers are in the region, including Saudi Arabia, UAE, Iraq, Kuwait, Algeria and Libya for oil and Qatar, Algeria, Egypt, Saudi Arabia and UAE. Moreover, including Iran’s considerable oil and, in particular, gas reserves, the region’s importance in the global oil and gas balances is anticipated to increase.  According to the projections of the International Energy Agency, the region’s share in the global oil trade alone should increase from 50% today to 60% in 2035. The number and size of oil and gas companies active in the region reflects on this. Among them are the world’s largest state companies (e.g., Saudi Aramco, Sonatrach, ADNOC, Qatar Petroleum or Kuwait Petroleum Corporation) as well as international companies (e.g. Exxon Mobil, Shell, Conoco Phillips, BP, Chevron or Total).

The demand for skilled professionals is high. Developments and explorations in MENA, whether for private companies or local governments are facing a potential shortage.

All Gulf oil and gas economies are expected to have a higher rate of job creation than in previous years, providing the highest employment rate than any other business vertical in the region.

The net percentage of firms increasing headcounts due to new projects in the sector has increased 10% from 2011 to 2012 and the employment forecast looks promising in the future.

At Morgan McKinley we understand and ‘get’ the oil and gas sector.  Our business is to help your business grow or career evolve and we face similar challenges and scenarios in exploring and finding the best natural resources. However, our highly skilled recruitment consultants are experts in the field and have an extensive network and global reach ensuring that your business or project or career is our priority. Talk to us today.

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Click here to listen to Morgan McKinley’s UAE MD, Trefor Murphy interviewed on Dubai Eye

Listen to Trefor Murphy being interviewed on Dubai Eye 103.8 fm for the Business Breakfast show. Trevor was interviewed for the radio show on Thursday 6th September.  In the 15 minute interview Trefor shares his insights on salaries and hiring in the UAE and explains the latest results of the Morgan McKinley 2012 UAE Salary Guide.  Sectors covered include: Financial services, accounting, sales & marketing and technical roles.

Dubai Eye is the leading English talk station in the UAE, setting the agenda every weekday morning with its award winning flagship show The Business Breakfast.  The show is recognised as the leading provider of business information and insight from the business and financial sectors.

Please contact pressoffice@morganmckinley.com for further information on our UAE Salary Guide.

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Regular subscribers to Morgan McKinley’s blog will know that Ragini, back in November 2011 blogged about her move out to Dubai, the challenges and the changes that are quickly happening in this emerging market. Nine months on and during both Ragini’s and my first Ramadan, I wanted to take this thought a little further and see how the “melting pot of cultures” that Dubai is so often described as, functions during this religious period, plus how it affects recruitment trends.

One thing is for sure, Dubai, for 11 months of the years is a haven for expats and economic immigrants from around the world. A religiously tolerant county for the most part, that mixes Western and traditional Arab culture with that of people from around the globe. While the Emiratisation policy has affected a small minority of expat jobs, it is in the most part seen as a positive move that companies encourage a multi-cultural office environment. However, during Ramadan this does change. It is typical for people to dress in a more conservative manner; cafes and restaurants close during the day;  bars have reduced hours and night clubs close completely. A trip down Sheikh Zayed Road will confirm that a lot of people leave Dubai for the summer completely.

For the business and recruitment world other differences are seen. Our Muslim colleagues leave the office early and clients and candidates alike become hard to get hold of as they either observe the month or escape the summer heat. One trip to the ID office (which any UAE resident will know is a nightmare at the best of times) will confirm that things….are….slow….this….time….of…year! But, there is a light at the end of the tunnel. Despite the shorter working day teams across the office at Morgan McKinley have seen some exciting jobs coming through from  employers and  even more promising plans for September and Q4. One thing is for sure, behind the scenes the admin and decisions are still taking place. Post Eid will be an exciting time for those looking for a new role and for  recruiters in a strong position to help them.

So, because of your shorter day, the quiet atmosphere of most offices and the long evenings, there has never been a better time to reflect on your current role, update your CV or get in touch with us about recruitment for your team. At Morgan McKinley we are ready to make sure that we play our part in keeping Dubai moving forward and looking to the future. I fear though Ragini, that it will still be a while until Waitrose delivers!

Ramadan Kareem & Eid Mubārak for those looking forward to the end celebration.

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Morgan McKinley’s London Employment Monitor gives us some interesting insight into the hiring market in London each month to compare with the picture across the UAE. The latest data from June 12 highlights a large 33% drop in the number of available jobs across the sector.  This is also a fall on the same time last year.  So, here’s an overview of the current hiring market for financial services in the UAE:

Cautious hiring market

• As with many financial services centres around the world, Dubai’s financial institutions remain relatively cautious in their approach to hiring, perhaps as a result of the previous crisis.
• Employers will find the hiring market full of job seekers, however for those looking for a new career move, there are fewer available roles – similar to the London market.
• The Euro crisis has also impacted the UAE – with European banks looking at cost cutting measures.

So is there any opportunity?

• Although banks are right-sizing and down-sizing, there is some growth to be seen in areas of these organisations that are making money.
• Some banks are making significant profit in areas of sales trading and fixed income trading and there is continued demand in this space. This in turn has led to increased demand within risk management.  This mirrors the requirement for talent in the London market as well, and is also the case for compliance where a healthy amount of hiring is a result of banks’ need to adhere to regulation.
• Hiring is strategic, as budgets are tight, so employers are looking for key hires with exactly the right skills.
• Hiring managers are also looking for ambitious job seekers, who are prepared to be more flexible on where their next role is located.
• Dubai has long been an attractive location for expats, however the opportunities right now in the financial services sector are in Abu Dhabi and Qatar. In particular Qatar is growing at a steady pace.

Best approach to finding a new role

• Competition is going to come from professionals who are prepared to move around the UAE – job seekers are increasingly prepared to commute two or more hours to work each day or even to relocate away from Dubai within the Middle East for a good career move.
• Dubai continues to be attractive to overseas job seekers because of the perceived lifestyle advantageous. Visiting Dubai and networking is highly recommended to improve the chances of a successful job search.
• Opportunities exist for the right talent; look at the skills that you offer and do some research or contact Morgan McKinley UAE to find out if your skill set matches areas of the market that are still growing and hiring.
• Consider how flexible you are prepared to be, both in your location and in your salary expectations.

To get ahead in financial services whether in Dubai or elsewhere in the UAE – it’s important to focus on what employers really need right now.  Morgan McKinley UAE can help you with advice on the skills in demand, areas of the market that are growing, remuneration across the entire region.

Contact Anthony Graves on +971 (0) 4 324 4094

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If bankers in Dubai thought there where challenges in finding a new role, spare a thought for your compatriots in London; Morgan McKinley’s latest figures from our London Employment Monitor show dramatic falls of up to 57% in vacancies across London’s financial sector from the same time last year.

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Offshoring operations overseas combined with an increasingly competitive jobs market, has left many professionals considering opportunities abroad. So what value is gained from international experience?

Stand out from the crowd. CVs with international work experience stand out. Employers appreciate the independence, personal resourcefulness and problem-solving skills necessary to work abroad. Particularly if you have sought the opportunity yourself.

Understand new business cultures. Working in a country that has a strong connection with your industry can add an incredible amount of value to your CV. Working abroad can also give you an understanding of other cultures, values and different ways of doing business. Surrounding yourself in a foreign work setting is very different from dealing with colleagues from other countries on the telephone. Even a relatively short period of time spent abroad can be very valuable to your career. In the case of the Middle East you might be expected to operate in an Arabic speaking environment and also a more profoundly Islamic business community.

Acquire new skills. Learning a new skill or developing an existing skill is often easier in a new environment. Picking up a new language or learning new processes can be an invaluable benefit of working overseas and are often skills that can be used back in the UK.

Gain new contacts. An assignment abroad can quickly help build your professional network. Nurture relationships with colleagues, you never know where a contact may lead and who they might be able to refer you to for future jobs. The blue chip multinational job market in particular has become increasingly globalised and a diverse network can provide short cuts to career development.

Earn money. UAE is tax-free. This means that in the top earning bracket you can take home up to 50% more than you would at home. If you are coming to the stage of your life when saving is more important than spending, the Middle East could be an even more attractive proposition.

Lifestyle change. Working abroad can often offer a different lifestyle, and sometimes a greater work-life balance. In addition, it can give you the chance to explore new interests. It may even take you on to another contract or permanent role there or in another country. In the UAE, the average annual rainfall is 4.7 inches, on par with just one wet afternoon in Manchester, so if you are a SAD sufferer it could be your gateway to a sunnier disposition and an outdoor lifestyle.

Choosing to uproot and work abroad can be a big decision, plenty of research is essential before taking the leap. If the timing is right it can really develop your career opportunities.

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Unsurprisingly, our roundtable event also led us to discuss how to be sure when you think you’ve found great talent. I was curious to see how this question would be answered by each of the Creative Directors amongst their peers. Any junior out there trying to impress at their next interview should read on:

Peter Bidenko of Leo Burnett got the ball rolling on this one, indicating that at the junior level he’s more focused on enthusiasm. “The more senior they are the more I want to probe into how strategic they are and what they have actually done.”

Mark Bamfield former long termer at TBWA and new ECD of Y&R Jordan had this to offer, “Can they think? Take them out of their comfort zones and challenge them to think and articulate new ideas.”

Similarly, Ben Knight ECD OgilvyAction Dubai is also looking for people who can demonstrate their own creativity; “People that can talk comfortably about a good piece of work lets you know they came up with it.”

Mark Bamfield continued with the same theme, “I like to just hear people talk about their work. Putting the website and portfolio aside – we need to revert to getting them to describe an idea as well as show it.”

Adding to these views, Ryan Reed of Y&R went a step further to talk about the type of individual he looks for; “It’s about the personal side as much as about what’s in their portfolio. I want to know what inspires their creativity. Without personal there’s no passion. In some ways I like to see potential over achievement.”

Tim Styles the new ECD at The Agency, Doha and former CD at M&C Saatchi London confirmed the importance of personality, concluding “It’s about two things: energy and curiosity. I want to see people show a burning interest in something. It’s about character – an unwritten rule for creatives. People that creep up on you with hidden depth are preferable to those who are trained and overt. I prefer people who are like truffles-it ain’t obvious.”

I hope that has given the next Frank Lowe amongst you a few tips…

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