x Abu Dhabi, UAEThursday 18 January 2018

Stability as important as salary for expat workers

The National talks to consultants about the hiring outlook for the country's financial services sector.

Hiring in the UAE's financial services sector has been relatively constant in the fast-moving world of trading, but has lagged elsewhere in the industry, says Christo Daniels, the managing director at Morgan McKinley, a recruitment consultancy. Perhaps more worrying for expatriates, Morgan McKinley also reports a "plateau" in salary growth for large numbers of highly skilled workers based in the Gulf.

"What we've seen for the last quarter or so is a reasonable progression in terms of sales and trading-related roles," Mr Daniels said.

"Corporate banking and retail banking are reasonably slow."

Some niche roles, such as compliance and risk professionals, were still in demand, he added.

Giles Button, a financial services industry consultant at Morgan McKinley, said that because of the uncertainty within the economy, priorities had changed for potential employees.

"The biggest concern for candidates now is not just the package they may receive, but also the financial stability of the institution they are looking to work for and their reputation in the market," he said.