The growth in the Middle East has been quite extraordinary over recent years. As Covid disappeared, the regional Financial Services market boomed. The DIFC and ADGM registration list has been full to the brim of international Asset Managers, Hedge Funds, and Family Offices.
Whilst that growth continues to surge, there’s now a third player on the map. Saudi Arabia.
Whilst the growth in the Saudi/ Riyadh boom has been apparent for a while, the past couple of years have really catapulted the bullish perception of opportunity in Saudi Arabia. Big international Banks have set up shop, alongside the world’s largest Asset Managers and Private Equity funds.
All that growth has international talent to look towards the region, and the demand for finance professionals to relocate is higher than ever.
So, looking for a role in Saudi Arabia? Here’s what to know 👇
- Regional experience can be a huge benefit.
Understanding the local business culture, knowing who the key figures are, and having experience living and working across the kingdom is highly favoured by most employers.
2. Regulatory knowledge can be very beneficial.
CMA regulations on Asset Managers and Investment vehicles are unique to Saudi, and so an understanding of the regulatory landscape will often be favoured.
3. There is a big push for Saudization.
Most common at the Junior/ Mid level, open vacancies are sometimes reserved for Saudi Nationals. This can make it more difficult for expats, although there is still plenty of opportunity.
4. There is heavy demand around sector specific investment experience.
Real Estate forms the backbone of the Investment Ecosystem. Technology (including AI and Gaming) has also become a prominent focus, aiding candidates with associated experience.
5. Compensation can be very lucrative.
Whilst the numbers have dampened a little in recent years, total compensation is still highly competitive compared to the UAE and surrounding GCC countries. Managers are willing to pay ‘above market’ for the right talent.
6. The Family Office/ Holding group space dominates.
Prominent families and their associated investment vehicles own huge stakes in local assets. Several of these Family Holdings Groups have grown to institutional scales, and hold highly reputable names both locally and internationally.
7. As we’ve seen across the UAE in the past 4 or 5 years, Saudi (Riyadh) appears to be the next big target for international banks and managers.
We’re seeing an influx of big names setting up shop, and deploying capital into regional investments.
8. Saudi is probably the closest thing we’ll ever see to ‘infinite capital’.
The money being deployed into Megaprojects, Sporting Events, and Infrastructure development is like nothing the world has seen, and the speed of execution is staggering. For the investment community, that creates an enormous opportunity.
