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Finance market in Dubai
Hello everyone,
I was wondering if someone would be able to provide some insight into the current state of the job market for finance professionals in Dubai at the moment. My wife and I have recently decided after several visits to Dubai over the years we would like to experience living there for a few years, we have two children aged 3 and 6 and it feels like if we are ever going to try living overseas now is the time to do it! I am a qualified accountant (ACCA) I trained with one of the big 4 firms in the UK prior to moving into industry as a Financial Controller and more recently as a Finance Director. I have been looking at senior finance roles in Dubai passively for some time now and over the last day or so I have reached out to one of the well known recruitment agencies and one of my contacts who is based in Dubai. I currently earn in the region of £80k per year and from my initial budget I think I would need a package of around 50,000 AED/month in order to maintain a reasonable lifestyle I would appreciate the forums views on how realistic my ambition of obtaining a suitable position in Dubai is, from what I can gather there are plenty of accountants in Dubai prepared to work for considerable less than what is the norm in the UK. However, I am hoping that when it comes to the senior finance roles in Dubai (Financial Controller, Head of Finance, Senior Finance Manager etc) there will be an opportunity for a big 4 trained expat from the UK. Any thoughts and feedback much appreciated. HWD008 |
Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12724030)
Hello everyone,
I was wondering if someone would be able to provide some insight into the current state of the job market for finance professionals in Dubai at the moment. My wife and I have recently decided after several visits to Dubai over the years we would like to experience living there for a few years, we have two children aged 3 and 6 and it feels like if we are ever going to try living overseas now is the time to do it! I am a qualified accountant (ACCA) I trained with one of the big 4 firms in the UK prior to moving into industry as a Financial Controller and more recently as a Finance Director. I have been looking at senior finance roles in Dubai passively for some time now and over the last day or so I have reached out to one of the well known recruitment agencies and one of my contacts who is based in Dubai. I currently earn in the region of £80k per year and from my initial budget I think I would need a package of around 50,000 AED/month in order to maintain a reasonable lifestyle I would appreciate the forums views on how realistic my ambition of obtaining a suitable position in Dubai is, from what I can gather there are plenty of accountants in Dubai prepared to work for considerable less than what is the norm in the UK. However, I am hoping that when it comes to the senior finance roles in Dubai (Financial Controller, Head of Finance, Senior Finance Manager etc) there will be an opportunity for a big 4 trained expat from the UK. Any thoughts and feedback much appreciated. HWD008 A CFO will get you 50k-60k nowadays. Finance mangers etc will be low. Try the Big 4. |
Re: Finance market in Dubai
Thanks for the response Millhouse, the salary figures quoted in the 2019 Robert Half salary guide do suggest that reasonable salaries are attainable at Financial Controller / Senior Finance Manager level. I’ve also seen salaries of 40-50 AED quoted on quite a few job adverts for those roles. I shall persevere with my search and hope for the best! |
Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12724123)
Thanks for the response Millhouse, the salary figures quoted in the 2019 Robert Half salary guide do suggest that reasonable salaries are attainable at Financial Controller / Senior Finance Manager level. I’ve also seen salaries of 40-50 AED quoted on quite a few job adverts for those roles. I shall persevere with my search and hope for the best! |
Re: Finance market in Dubai
Thanks Millhouse, it certainly sounds like a tough market out there.
I am sure you have been asked this a million times but in your opinion what kind of package does a family of 4 need to live reasonable comfortably out there? I've done some research online and we would look to rent an apartment to start off with in order to keep costs down whilst we settle in, although I'm not entirely sure where the best apartments for family life are. We are keen to move for the life experience so any thoughts on what kind of package I need to secure in order to make a move work would be much appreciated. |
Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12724438)
Thanks Millhouse, it certainly sounds like a tough market out there.
I am sure you have been asked this a million times but in your opinion what kind of package does a family of 4 need to live reasonable comfortably out there? I've done some research online and we would look to rent an apartment to start off with in order to keep costs down whilst we settle in, although I'm not entirely sure where the best apartments for family life are. We are keen to move for the life experience so any thoughts on what kind of package I need to secure in order to make a move work would be much appreciated. House is 12k a month utilities is 2k a month one car - 2k maid - 3k food - 4k general (accrual for fights, random expenses) 5k so that’s 40k to live. Add on your expected savings. I spend around 32-35 a month to keep the bubble blown up. No kids in school yet (newborn) but cars, maid etc. I do travel to the UK monthly (so 3k on flights + expenses when there). The wife is also quite expensive to maintain (but she is hot af so it’s ok). I pay everything (except rent and small cash expenses) on card and it runs at around 18-20k a month. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724636)
I pay everything (except rent and small cash expenses) on card and it runs at around 18-20k a month.
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Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12724649)
Amateur. I do more than that and don't have kids or villas or multiple cars to worry about.
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Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724654)
wow. On what? I don’t buy crap anymore and I live the life of a monk. It's all airmiles though. |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12724656)
I was joking, it normally runs in the low teens. General shit really and some bills and beers etc...the last 2-3 months it has been at around 30k. Mainly holiday stuff to be fair - car booking, hotels, flights etc.
It's all airmiles though. mine at 20k also has medical bills and some light work expenses (ie about 2-3 lunches a month) on it. True costs for me is probably nearer 15k including the flights to the UK. I do own my cars though so there is no monthly outgoing associated with them. In the more expensive tones of 2013, I was running on around 38k for a family of 3 with maid and one in school (the child, not the maid). |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724661)
the more you spend the more you save :) mine at 20k also has medical bills and some light work expenses (ie about 2-3 lunches a month) on it. True costs for me is probably nearer 15k including the flights to the UK. I do own my cars though so there is no monthly outgoing associated with them. In the more expensive tones of 2013, I was running on around 38k for a family of 3 with maid and one in school (the child, not the maid). I tried to explain to someone who left Dubai about 2013 and wants to come back that 45k single earning households with a wife/husband not working and two kids just doesn't work anymore. |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12724674)
I definitely have some work expenses in there, big bucks like Linkedin premium and other critical shit like my phone bill which is minimum 12/1300 a month, thankfully these idiots pay for it.
I tried to explain to someone who left Dubai about 2013 and wants to come back that 45k single earning households with a wife/husband not working and two kids just doesn't work anymore. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724636)
you have two kids in school. So that’s 10k a month in fees. House is 12k a month utilities is 2k a month one car - 2k maid - 3k food - 4k general (accrual for fights, random expenses) 5k so that’s 40k to live. Add on your expected savings. I spend around 32-35 a month to keep the bubble blown up. No kids in school yet (newborn) but cars, maid etc. I do travel to the UK monthly (so 3k on flights + expenses when there). The wife is also quite expensive to maintain (but she is hot af so it’s ok). I pay everything (except rent and small cash expenses) on card and it runs at around 18-20k a month. From the initial conversations I have had with recruiters it sounds like the best I can hope to achieve is a salary of 40 AED per month. Only 1 of my kids is of school age so I figure the following: -House 12k - I am guessing this is based on an apartment? If so any recommendations for a good family area with apartments much appreciated -Utilities 2k -Car 2k -Food 4k -School 5k We wouldn’t want a maid, so that’s a total of 25k per month. Based on a salary of 40k that would leave me 15k, I’m guessing/hoping this would be enough for general expenses and entertainment?.. We aren’t looking for a lavish life but aware that activities with the kids don’t come cheap! in terms of savings call me naive but I’m not too worried about accumulating whilst in the region, I’ve worked hard thus far to build up a reasonable base in the UK so 2/3 years without saving seems a fair trade off for the life experience we are looking to obtain. Does the above sound realistic or am I way out? |
Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12724695)
Thanks again Millhouse. From the initial conversations I have had with recruiters it sounds like the best I can hope to achieve is a salary of 40 AED per month. Only 1 of my kids is of school age so I figure the following: -House 12k - I am guessing this is based on an apartment? If so any recommendations for a good family area with apartments much appreciated -Utilities 2k -Car 2k -Food 4k -School 5k We wouldn’t want a maid, so that’s a total of 25k per month. Based on a salary of 40k that would leave me 15k, I’m guessing/hoping this would be enough for general expenses and entertainment?.. We aren’t looking for a lavish life but aware that activities with the kids don’t come cheap! in terms of savings call me naive but I’m not too worried about accumulating whilst in the region, I’ve worked hard thus far to build up a reasonable base in the UK so 2/3 years without saving seems a fair trade off for the life experience we are looking to obtain. Does the above sound realistic or am I way out? The 3 y/o will need to go to school. We start at 3 not 5 here if you want a space for later. The wife will go nuts at home all day when it’s hot. She needs a job or outlet which will cost you money. You don’t want a maid now, but I’m sure you will ... there is no grandparent to dump the kids on when you want to go out, get sick or if wife goes to work. You need to save. It’s the only reason to be here. There is no cultural enlightenment, your career will go backwards and it’s expensive to arrive, and even more expensive to leave. You have to build a cushion. 25k ... not possible with one in school at all in my opinion. It’s expensive here. life is nothing like what you see when you’re on holiday. You come here for the money and stay for the money...or because you’re no longer employable elsewhere. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724712)
way out. The 3 y/o will need to go to school. We start at 3 not 5 here if you want a space for later. The wife will go nuts at home all day when it’s hot. She needs a job or outlet which will cost you money. You don’t want a maid now, but I’m sure you will ... there is no grandparent to dump the kids on when you want to go out, get sick or if wife goes to work. You need to save. It’s the only reason to be here. There is no cultural enlightenment, your career will go backwards and it’s expensive to arrive, and even more expensive to leave. You have to build a cushion. 25k ... not possible with one in school at all in my opinion. It’s expensive here. life is nothing like what you see when you’re on holiday. You come here for the money and stay for the money...or because you’re no longer employable elsewhere. One point I should probably have mentioned with regards to budget is that both kids benefit from a trust fund in the UK, the eldest is at an independent school and her fees of c£7.5k per year are paid from the trust. So whilst I appreciate school fees are more expensive in Dubai I would be able to offset around £15k per year as they would be paid by the trust. Im hoping that the contribution to school fees plus a salary of 40,000 AED is manageable but getting the indication that it won’t be! |
Re: Finance market in Dubai
Hi HWD
It's manageable, certainly. Even if your estimate of 25k for fixed overhead expenses is slightly optimistic, you will certainly be able to live quite adequately on 12-15k 'spending' money a month. What the responses here are saying is - broadly - why bother? What "life experiences" do you think are awaiting? Sitting in traffic at 50 degrees isn't that much better than sitting in traffic in the drizzle in Luton. If you're not going to be saving much (or anything) then overall the quality of your family's life is probably better in the UK. |
Re: Finance market in Dubai
Originally Posted by tooboocoo
(Post 12724787)
Hi HWD
It's manageable, certainly. Even if your estimate of 25k for fixed overhead expenses is slightly optimistic, you will certainly be able to live quite adequately on 12-15k 'spending' money a month. What the responses here are saying is - broadly - why bother? What "life experiences" do you think are awaiting? Sitting in traffic at 50 degrees isn't that much better than sitting in traffic in the drizzle in Luton. If you're not going to be saving much (or anything) then overall the quality of your family's life is probably better in the UK. In in terms of life experience we live in quite a sleepy town in the UK where both my wife and I have been since we were children. The attraction with UAE was to live in a new city and enjoy everything it has to offer, appreciate can’t enjoy it all on the packages I may be able to achieve but we don’t live a lavish lifestyle as it is. In addition I like the idea of our eldest attending school with different nationalities is appealing, as it’s very much a sheltered environment where she is at the moment. Every child is white, British and middle class! Certainly sounds from the feedback on this forum like it isn’t the best idea, the responses are all much appreciated and taken onboard. |
Re: Finance market in Dubai
What about London, or someplace within easy reach? Or Frankfurt?
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Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12724863)
Thanks tooboocoo. In in terms of life experience we live in quite a sleepy town in the UK where both my wife and I have been since we were children. The attraction with UAE was to live in a new city and enjoy everything it has to offer, appreciate can’t enjoy it all on the packages I may be able to achieve but we don’t live a lavish lifestyle as it is. In addition I like the idea of our eldest attending school with different nationalities is appealing, as it’s very much a sheltered environment where she is at the moment. Every child is white, British and middle class! Certainly sounds from the feedback on this forum like it isn’t the best idea, the responses are all much appreciated and taken onboard. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12724986)
move to London |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12725043)
Worst advice ever (IMO). Whilst a fantastic city at face value the daily grind, the misery, the dark commutes, the sweaty tubes, the cost of it all AND THEN the fact that every single Londoner is a massive bellend. Just simply impossible to consider.
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Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725076)
All of what you have described is a somewhat character building experience. |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12725082)
True, I'm a bit harsh on London because of the extreme wanker population ratio (some say I belong there). It definitely works if you're a 23 yo starting your career and want to be a top shagger and share an apartment I guess.
london is great from a career perspective, it also integrates cultures better than Dubai (schools are full of mixed kids). I always used to say that mini’s primary school in Dubai was less culturally and ethnically diversified than his UK one. Certainly that’s the case for his secondary school where he is in the minority. As for knobheads in London, you are of course correct. Then again, the Londoners’ views that the rest of the country are knobheads is also correct. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725224)
couldn’t you say the same about Dubai? london is great from a career perspective, it also integrates cultures better than Dubai (schools are full of mixed kids). I always used to say that mini’s primary school in Dubai was less culturally and ethnically diversified than his UK one. Certainly that’s the case for his secondary school where he is in the minority. As for knobheads in London, you are of course correct. Then again, the Londoners’ views that the rest of the country are knobheads is also correct. London wankers are a class of their own, you can hear them before you see them and they're wankers at EVERY class level. It's astonishing. |
Re: Finance market in Dubai
Thanks for the input guys, I spend a fair amount of time in London for work and must admit I’m not a massive fan! I’ve had a few conversations with recruiters and 40k seems like what I would achieve, so two final questions if you don’t mind.... 1. Family of 4 with 2 children attending school... what salary is manageable? We save about £400/month in the UK. 2. Conscious we will need to keep costs down as ideally we would be able to save something... on that basis where would you recommend renting? Ideally we’d like somewhere for families with a bit of a community feel, Arabian ranches seemed ideal but appreciate it may be out of our budget. Thanks, |
Re: Finance market in Dubai
You'll be absolutely fine on 40k if you get school fee contribution in addition to the salary. If not, add 5k per month to the salary for each child you'll need to pay school fees for, or a bit more if they're in high school.
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Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12725553)
Thanks for the input guys, I spend a fair amount of time in London for work and must admit I’m not a massive fan! I’ve had a few conversations with recruiters and 40k seems like what I would achieve, so two final questions if you don’t mind.... 1. Family of 4 with 2 children attending school... what salary is manageable? We save about £400/month in the UK. 2. Conscious we will need to keep costs down as ideally we would be able to save something... on that basis where would you recommend renting? Ideally we’d like somewhere for families with a bit of a community feel, Arabian ranches seemed ideal but appreciate it may be out of our budget. Thanks, 130k rent - 11k a month 2 cars - 5k Flights (4x ppl 2x year = 32k) = 3k School (rough estimate) 10k Food and shit - 5k Utilities - 3k TOTAL = 37,000 Doesn't leave much of a buffer, especially when one of the kids wants to do rugby club and it's 2,500 for the term, or you want to go for a nice dinner with the mrs and drop 1,500 before you've even had the second bottle of wine etc etc. What are recruiters saying about the cost of living and if 40k works? |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12725585)
Roughly (monthly):
130k rent - 11k a month 2 cars - 5k Flights (4x ppl 2x year = 32k) = 3k School (rough estimate) 10k Food and shit - 5k Utilities - 3k TOTAL = 37,000 Doesn't leave much of a buffer, especially when one of the kids wants to do rugby club and it's 2,500 for the term, or you want to go for a nice dinner with the mrs and drop 1,500 before you've even had the second bottle of wine etc etc. What are recruiters saying about the cost of living and if 40k works? I would imagine the recruiters are saying it’s a great tax free uplift and everything will be golden. What do you think scamp? 😂 |
Re: Finance market in Dubai
Originally Posted by Gavtek
(Post 12725555)
You'll be absolutely fine on 40k if you get school fee contribution in addition to the salary. If not, add 5k per month to the salary for each child you'll need to pay school fees for, or a bit more if they're in high school.
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Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725591)
almost identical numbers to my first post :) I would imagine the recruiters are saying it’s a great tax free uplift and everything will be golden. What do you think scamp? 😂 for a family of 4 with one working parent it's gotta be more. Especially if you want a maid and to go to brunches and be able to clothe your family. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725591)
almost identical numbers to my first post :) I would imagine the recruiters are saying it’s a great tax free uplift and everything will be golden. What do you think scamp? 😂 It sounds like the feedback that unless we are talking 50k/month it’s best to stay put. Thanks everyone, will let you know if anything decent materialises! |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12725598)
I'd be saying 45 is not doable if you want to save any money. It's doable if you want to live here and post photos on Insta for the knobheads back home.
for a family of 4 with one working parent it's gotta be more. Especially if you want a maid and to go to brunches and be able to clothe your family. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725594)
so basically what you are saying is he needs 50k. If they paid his rent it would be even better! Plus it's better to negotiate your salary exclusive of school fees as they increase as your child gets older and are also uplifted every year at a rate higher than most salary increases. Let the company absorb that cost. So if you negotiate a salary of 40k + schooling, you're saving about AED 13k per month. |
Re: Finance market in Dubai
Originally Posted by Millhouse
(Post 12725620)
That's why you're a decent chap. You don't **** people over.
Originally Posted by Gavtek
(Post 12725641)
In my experience, school fees are usually a separate item in salary negotiations, either fully reimbursed or a contribution provided. So when you're quoted a salary, it's usually all-inclusive except schooling. I would imagine that would the case for the Finance Director salary of 40k that has been mentioned.
Plus it's better to negotiate your salary exclusive of school fees as they increase as your child gets older and are also uplifted every year at a rate higher than most salary increases. Let the company absorb that cost. So if you negotiate a salary of 40k + schooling, you're saving about AED 13k per month. |
Re: Finance market in Dubai
Originally Posted by Scamp
(Post 12725661)
I dunno mate, I'm still hiring people from the UK to work on Expo....
Depends on industry. I don't know of many construction / property / engineering type organisations that pay schooling. We're an all in number + medical + visa. The cash covers everything, including flights. |
Re: Finance market in Dubai
Hi Guys, Back again looking for some more advice.... As suggested throughout this thread the feedback from recruiters has been that the market is tough, especially whilst trying to find a job from the UK. Although a large number of recruiters haven’t actually responded to phone calls, emails or LinkedIn. I would be able to arrange a fleeting visit to Dubai at relatively short notice. It would be feasible for me to fly in on a Saturday and then leave tues evening which would give me 3 days to meet with recruiters, a longer trip would require slightly more planning due to work commitments in the UK. Would a small trip be worth in order to make an impression with the recruiters and get them to take my application seriously? I seem to have hit a dead end at the moment. I have historically had a lot of success when looking for a new position in the UK, largely due to my big 4 experience and the fact that I have been promoted internally since being in industry....the complete lack of engagement is a problem I haven’t previously encountered. Any constructive advice much appreciated, and unfortunately I don’t have a large network in the region. |
Re: Finance market in Dubai
Originally Posted by HWD008
(Post 12728061)
Hi Guys, Back again looking for some more advice.... As suggested throughout this thread the feedback from recruiters has been that the market is tough, especially whilst trying to find a job from the UK. Although a large number of recruiters haven’t actually responded to phone calls, emails or LinkedIn. I would be able to arrange a fleeting visit to Dubai at relatively short notice. It would be feasible for me to fly in on a Saturday and then leave tues evening which would give me 3 days to meet with recruiters, a longer trip would require slightly more planning due to work commitments in the UK. Would a small trip be worth in order to make an impression with the recruiters and get them to take my application seriously? I seem to have hit a dead end at the moment. I have historically had a lot of success when looking for a new position in the UK, largely due to my big 4 experience and the fact that I have been promoted internally since being in industry....the complete lack of engagement is a problem I haven’t previously encountered. Any constructive advice much appreciated, and unfortunately I don’t have a large network in the region. |
Re: Finance market in Dubai
I’m ex-big 4 and your only way to get a good role here is through your own personal network. Otherwise you’re in open competition against cheaper ex-big 4 staff from the subcontinent.
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Re: Finance market in Dubai
Don't fly in, turn up and try to meet recruiters unless they ask you to come in. Being doorstepped by candidates is the worst thing ever.
Network. You must know people here who are in the industry. Apply directly, find the recruiter in the companies you want to work for. Recruiters will be useful when they have a role you might be good for. Yes, you need to have a relationship (slightly) with them to make sure they remember you but that can be done over the phone. Trip is pointless in my opinion, just spend that time applying and ringing and battering your network. |
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