5,200 NEW FINANCE JOBS FOR DOHA
5,200 NEW FINANCE JOBS FOR DOHA AS INVESTORS FLOCK TO QATAR
- Jobs boom expected as 473% increase in foreign investment drives employment
- Population of neighbouring Emirate to decline 8% as expats flock to Doha
5,200 financial services jobs are to be created in Doha over the course of 2010, driven by an increase in foreign investment and the comparative strength of the Qatari economy.
The forecasts come out of research carried out by Kinsey Allen International, the global executive search firm, and suggest Dohas financial services industry will employ 20,100 people by the end of the year. This is a far cry from 2006 when the sector employed just 6,200 people . In the two years that followed, 4,100 more jobs were created. Then in 2008 and 2009 a further 4,600 more financial services jobs were generated as the industry expanded to employ approximately 14,900 people .
James Bridgman, Managing Director of Kinsey Allens Middle East operations says: The number of people working in the financial services sector in Qatar has increased by an average of 35% year on year over the last four years. That trend is set to continue in 2010 with the number of people employed in the financial services expected to grow 7.7% per quarter in the twelve months. This wave of job creation is being driven by the overall strength of the economy and the foreign money flooding into Qatar.
Overseas investment in the state has increased from $3.63bn in 2008 to $20.75bn in 2009 as foreign financiers have looked for safe-havens for money they can no longer risk speculating in Europe or North America.
Qatar has emerged from the economic downturn relatively unscathed, maintaining its economic growth over of the last several years despite the global financial crisis. Throughout the crisis, Qatari authorities sought to protect the local banking sector with direct investments into domestic banks. The drop in oil prices in late 2008 and the global financial crisis reduced Qatar's budget surplus and slowed the pace of investment and development projects in 2009. But the IMF still estimates Qatars GDP grew 11% in 2009 and forecasts 18.5% in 2010 as the states financial services sector strengthens on the back of increased foreign investment.
Qatars strong economic prospects, lack of income tax and relatively liberal cultural ethos make Doha an ideal destination for expat professionals and the state is expected to benefit from expats leaving other parts of the Emirates. The population of Dubai is predicted to fall by 8% in 2010 due to expat emigration.
Kinsey Allen International says the number of mandates it has taken on to fill vacant positions in Doha-based financial services organisations has increased by more than 15% quarter on quarter over the last two years. With this growth expected to continue Kinsey Allen International has launched a new office in Doha, underlining their long-term commitment to this market making them the first global executive search firm in the Emirate.
Backed by a member of the Qatari Royal family the new office will house a team of three consultants initially with expansion planned later in 2010. Kinsey Allen International has established offices in Germany, Hong Kong, New York, Paris, and Switzerland as well as in the UK.
James Bridgman, will head the new office and lead the first product specific executive search team in the Middle East. Their focus will be on senior management and director roles in Equities, Fixed Income, Asset Management, Securities, Commodities, Infrastructure, Project Finance and Risk Management.
Bridgman said: Our Qatar operation has more than doubled in revenue over the past 18 months to the extent that we can no longer function as a satellite operation of one of our other offices. Doha is now a key international market and one of the fastest growing economies in the Middle East so it makes perfect sense for us to have an office in Qatar. We already have a strong track record in serving clients in Europe, Asia and the US and as the first executive search firm based in Qatar we can now bring the same long term commitment to our clients here.
A spokesman for the Sheikh said, "It was important for us to establish a relationship with a trusted provider of search services with a strong network in the region. We look forward to working with Kinsey Allen International and building their Gulf-based business"