Southlondoner

Hello

I have been working in Riyadh since August 2011 for a German investment bank. This role is within Fixed Income valuations and product control - so middle office. It was a 2 year contract and I will finish next month.

Previously, I had been working in London in banking for 8 years. I began sending my CV to agents and recruiters in London in April - but nothing at all.

In the experience of people here, does Saudi banking experience carry no relevance for London? I work for Deutsche Securities Saudi Arabia here (subsidiary of DB) - so a recognised name.

My friends in London say that the market is generally dire there for banking jobs. I have been trying Dubai and Singapore too - and have nothing in Singapore, but a couple of interviews in Dubai after Ramadan.

Is Saudi seen as a bit of an outpost, a backwater in financial services?
Really interested in your opinions.

Thanks

Millhouse

Want the harsh truth? I would only take a job in Saudi if it was the last of my career and I'm using it only to top up the death fund.

It's a backwater. I'm surprised if after 2 years you haven't realised this...

But... people do make it out alive - sadly you're doing this in tough times and not a bubble economy. Much easier to leave in the good times. Good luck with the interviews in Dubai.

Dean will step in to disagree with me.

Southlondoner

Thank you very much for the reply Millhouse. I remember you work in this field too. I had gambled on DB being a good name on the CV.

It is a pincer movement between a dire economic crisis in the UK (especially in finance) and the Nationalisation campaign here in the Middle East. I am at AVP level - so not quite subcontinental cannon fodder, but not nearly senior enough to be protected.

Saudi experience is not gaining much traction at all in London - because so many people are looking for work there now. I am pinning my hopes on Dubai and Singapore.

Internal transfer was my other gambit - so back to London with DB. The problem is product control, valuations and finance roles are all being offshored to Mumbai and Manila.

Millhouse

Actually, I'm not in product control / fixed income. I'm project finance.

The internal transfer is your best bet. We managed to save a couple of AVPs by packing them off to New York. I had already burnt those bridges.

Southlondoner

Thanks for your help and advice Millhouse. Unfortunately I got nowhere with the interviews in Dubai. I am hoping the silence is due to Ramadan - but it is looking forlorn.

Am trying for internal transfers to the London and Singapore offices.

My gamble in coming to Riyadh was twofold. Getting away from London when financial services were at the nadir in 2011. The Saudi economy was booming and I thought it was a huge opportunity in a dynamic, growing market.

I guess if Singapore and London are Champions League and Dubai is the Premier League - Riyadh is the Conference of financial services.

The strange thing is all the big international banks are here in Saudi - but fighting over a fairly small pie.

flares

More like a kick about in your local park!!!

The Dean

Disagree with you? Not really - that is the perception, as you say. It's a little unfair perhaps (I learned far more about the regional markets - all of them - there than I ever have in Dubai).

A Saudi posting is considered a good career move if you are sent there by a global bank - and will be posted to somewhere else in their global network later. But if you join externally - when the contract finishes, you are on your own.

The Saudis are excellent in your field though - if you don't think so, wait until you get to Kuwait or the UAE.

scot47

Must be a good place to experience Islamic Finance and Sharia-compliant Investment ? Or is it ?

The Dean

Bahrain way ahead of Saudi in Islamic finance............

Kuandika

Sorry to hitch hike but I wonder if you could tell me if Abbey Financial Services based in Marbella, Spain, are reliable. I am putting a chunk of my savings with them and I am a little nervous having been bitten once. They don't actually handle the money which goes direct to Skandia Bank.
Sorry to disturb you but I am a littel worried and don;t know what else todo

redacted

Southlondoner

Hi

@Scot47: There has been a lot of activity over the past 2 years in Shariah compliant bonds and loans. These, "sukuk" bonds are structured so that interest is paid in a tangible form - say using contracts based on metals.

Islamic Finance - Riyadh is not a hub. Bahrain, Dubai and increasingly Malaysia are more common.

The oil price remaining at $100 or thereabouts for the last 2 years means Saudi Arabia has a huge pile of cash to invest. The problem is local banks get much of the action. Too many foreign investment banks fighting over the scraps from a rich feast.

Patsy Stoned

Darling..I am guessing that you live in Spain
I just googled the company that you asked about.. here is the link

http://brittany.angloinfo.com/forum/...l-solutions/12 .....lots of questions from people on that site...

May I just ask..have you had a personal recommendation for this company? If not then... why would you hand over any money to anybody that you aren't sure about.
Surely you need to talk to somebody that you know is reliable and knowledgeable.. maybe talk to our own Meow xx..

The Dean

Yes - and there is also the 'it's in an EU country that is in financial difficulty' factor - what they did in Cyprus, which was an outrage, they can and surely will do elsewhere too.

scot47

Can I get free financial advice here too ? Or should we get back on topic ?

Kuandika

II did apologise for hitch hiking. But I don't think that would have pregvented anybody who wanted to do so from posting