March 31, 2010
Dubai Financial Job Bloodletting
Reading this I am have a slight frission - chill - schadenfreunde having turned down Khalij opportunities as I did not believe in the fundamentals. Doubtless I missed out on making stupid money, but personally I get rather more satisfaction from working on things I consider real (even if risky)
FT.com / Alarm raised over Gulf financial job losses
Somewhat selective quoting, but this seems entirely predictable on some level, if one was not a complete PR Release sucker.
It has been a torrid 12 months for white-collar employment in the Gulf – and for the agencies who act as intermediaries in hiring senior executives.
In February, GulfTalent, a recruitment agency, said that Dubai lost 17 per cent of its professional workforce last year and reported that western foreign nationals had been hit the hardest.
The picture in financial services is more mixed [than property developers]. Headhunters say that the international institutions are used to slumps in business, and made their reductions in the immediate wake of the collapse of Lehmann Brothers in late 2008. By contrast local institutions, with a few notable exceptions, have not made large-scale redundancies.
TrackBack URL for this entry:
western foreign nationals had been hit the hardest.
No kidding - the brother of a colleague was axed. Jobs at home aren't exactly plentiful either, so the poor guy ended up in Kabul.
Posted by: Eva Luna at March 31, 2010 05:12 PM
another four part series on dubai
Posted by: null at April 13, 2010 07:43 AM