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Banking Job offer in Riyadh

Banking Job offer in Riyadh

Old Aug 31st 2023, 8:32 pm
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Question Banking Job offer in Riyadh

Hi All, I am an expatriate working in UAE since 7 years in a mid-management profile in the banking sector (Total experience of 13+ years across different geographies).
An offer from a decently sized bank (one of the top 5) in KSA has been made for 80k SAR per month all inclusive. I have a family (no kids yet) and was wondering on what should be a reasonable hike expected for a move from Dubai to KSA and also, with the vision 2030 plan - does it make moving to KSA a rational decision?
Also, what does the banking sector in general looks like in KSA, is it more advanced/backward than UAE?

FWIW, I am usually a stable employee which prefers to stay in an organization without hopping too frequently. My current comp including all allowances is around 60K per month but given the stage of career I am in - I am concerned if a move to KSA would hinder my further career prospects and would make me stuck.
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Old Sep 1st 2023, 9:21 am
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Default Re: Banking Job offer in Riyadh

Originally Posted by Darvin
Hi All, I am an expatriate working in UAE since 7 years in a mid-management profile in the banking sector (Total experience of 13+ years across different geographies).
An offer from a decently sized bank (one of the top 5) in KSA has been made for 80k SAR per month all inclusive. I have a family (no kids yet) and was wondering on what should be a reasonable hike expected for a move from Dubai to KSA and also, with the vision 2030 plan - does it make moving to KSA a rational decision?
Also, what does the banking sector in general looks like in KSA, is it more advanced/backward than UAE?

FWIW, I am usually a stable employee which prefers to stay in an organization without hopping too frequently. My current comp including all allowances is around 60K per month but given the stage of career I am in - I am concerned if a move to KSA would hinder my further career prospects and would make me stuck.
Hi Darvin,

I hope you are well.

Salaries in Saudi depend on your backgrund and nationality. While I am not expert in this and it is my personal view, I do think 80K package is pretty good. My background is engineering and based in Australia. I also have experience of 13 years in my field and would happily move if I get an offer of 45-50K SAR inclusive per month plus medical, education (because what I came to know form this forum is Saudi will look ar your current pay and bloster it with 25-30% increment). I do realise banking salaries are higher than engineering.

I am not sure what do you mean KSA would hinder your career prospects because if it is a top 5 Saudi Bank, it will be famours anyway and that experience would actually be good.

All the best.
Cheers.
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Old Sep 1st 2023, 2:29 pm
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Default Re: Banking Job offer in Riyadh

Thanks for your response. It is my understanding that Finance experience in middle east is generally not as valuable as western or south Asian experience. While both UAE and KSA are in the same region, my query was how does KSA compares to UAE for banking experience.
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Old Sep 3rd 2023, 12:20 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Darvin
Thanks for your response. It is my understanding that Finance experience in middle east is generally not as valuable as western or south Asian experience. While both UAE and KSA are in the same region, my query was how does KSA compares to UAE for banking experience.
I believe banking experience in both countries is quite similar.
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Old Sep 3rd 2023, 6:09 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Sam1980
I also have experience of 13 years in my field and would happily move if I get an offer of 45-50K SAR inclusive per month plus medical, education (because what I came to know form this forum is Saudi will look ar your current pay and bloster it with 25-30% increment).
That is PIF specific. Not sure all employers work accordingly. My salary went up 5x++ my UK salary. I work in an engineering related area and now member of the Saudi engineering council.

KSA is a rough gig, leaving behind a western lifestyle for an uplift of 20-30% seems to me to sell yourself cheap. They are literally screaming out for engineers at the moment.
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Old Sep 3rd 2023, 11:19 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Ilovegregggs
That is PIF specific. Not sure all employers work accordingly. My salary went up 5x++ my UK salary. I work in an engineering related area and now member of the Saudi engineering council.

KSA is a rough gig, leaving behind a western lifestyle for an uplift of 20-30% seems to me to sell yourself cheap. They are literally screaming out for engineers at the moment.
Hey mate,

You are correct, this is for PIF and the likes of NEOM not all employers. Some will give 3-4 times as you mentioned. I totally agree 25% is not a great increment at all but when you consider the tax component in western countries it actually becomes close to probably double, so in the end it depends on personal circumstances.

I've been looking for roles in Saudi for few months now but didnt get a lot of positive responses.
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Old Sep 3rd 2023, 11:19 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Sam1980
I believe banking experience in both countries is quite similar.
So do you think a uptick of 25% is reasonable to move to Saudi?
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Old Sep 3rd 2023, 11:21 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Ilovegregggs
That is PIF specific. Not sure all employers work accordingly. My salary went up 5x++ my UK salary. I work in an engineering related area and now member of the Saudi engineering council.

KSA is a rough gig, leaving behind a western lifestyle for an uplift of 20-30% seems to me to sell yourself cheap. They are literally screaming out for engineers at the moment.
I think it depends on level of salary, isnt it? A person earning 150K USD cannot expect 600K , right?
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Old Sep 4th 2023, 5:08 am
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Default Re: Banking Job offer in Riyadh

Originally Posted by Darvin
So do you think a uptick of 25% is reasonable to move to Saudi?
It's your call mate based on your personal circumstances. The offer is good but might not be lucrative considering your existing salary is already tax free. However, I feel its a good deal.
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Old Sep 4th 2023, 6:28 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Sam1980
It's your call mate based on your personal circumstances. The offer is good but might not be lucrative considering your existing salary is already tax free. However, I feel its a good deal.
Thanks Sam for the input. What I gather from the forum here, people don't move unless it is at least 50% uptick. I will contemplate on this more.
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Old Sep 4th 2023, 11:33 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Darvin
Thanks Sam for the input. What I gather from the forum here, people don't move unless it is at least 50% uptick. I will contemplate on this more.
No worries Darvin, all the best!
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Old Sep 10th 2023, 8:23 am
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Default Re: Banking Job offer in Riyadh

Hi - i think you're just being greedy here. You're already getting an extra 20k monthly, tax free, lower cost of almost everything in Saudi compared to UAE. How much more do you want? You're not adding any extra skill set to the Saudi market from what you're already offering in the UAE, so what's with the greediness for an uplift of at least 50%. What world are you living in?
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Old Sep 10th 2023, 12:15 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Teaandscones
Hi - i think you're just being greedy here. You're already getting an extra 20k monthly, tax free, lower cost of almost everything in Saudi compared to UAE. How much more do you want? You're not adding any extra skill set to the Saudi market from what you're already offering in the UAE, so what's with the greediness for an uplift of at least 50%. What world are you living in?
Please vent out your frustration elsewhere. Thanks for the response.
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Old Sep 10th 2023, 4:55 pm
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Default Re: Banking Job offer in Riyadh

Originally Posted by Teaandscones
Hi - i think you're just being greedy here. You're already getting an extra 20k monthly, tax free, lower cost of almost everything in Saudi compared to UAE. How much more do you want? You're not adding any extra skill set to the Saudi market from what you're already offering in the UAE, so what's with the greediness for an uplift of at least 50%. What world are you living in?
Interested to hear what is lower cost in Saudiā€¦? In my experience, not a lot is cheaper here in Riyadh compared to UAE.
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Old Sep 11th 2023, 8:13 am
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Default Re: Banking Job offer in Riyadh

Originally Posted by Teaandscones
Hi - i think you're just being greedy here. You're already getting an extra 20k monthly, tax free, lower cost of almost everything in Saudi compared to UAE. How much more do you want? You're not adding any extra skill set to the Saudi market from what you're already offering in the UAE, so what's with the greediness for an uplift of at least 50%. What world are you living in?

Amen to that!
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