Out of Work in New York? Here's How to Find a Job in Dubai

Landing a finance job in the emirate of Dubai has become tougher since the recession, but jobs have bounced back quicker than in New York or London.

The City of Gold is even seeing some untapped growth, says Shane Phillips, Dubai-based executive search consultant with Stanton Chase International whose clients include financial services firms throughout the Middle East. "Many of my clients are doubling in size over the next 24 months, while the big established western [firms] are all scaling back their operations," he says.

Those who work in the emirate, population 2 million, appreciate the luxury amenities, clean beaches, sunny skies and international feel. The Dubai International Financial Centre, the city's finance hub, had 848 registered companies in 2011, up 7% from the previous year. More new companies registering means more hiring to come.

Most of Dubai's finance professionals are expats from Asia, Europe and North America. While the plush contracts of 2008 are rare, the tax-free salaries and impressive work life balance are a major draw.

Eager to work in Dubai? Here's what it takes to land a finance job in the emirate:

Multicultural Ties are a Must

With 80% of the community coming from outside of the United Arab Emirates, the diverse culture is reflected in the workforce. Those eager to work in the region need experience with managing a truly multicultural workforce including employees of Arab, African, European and Asian descent, says Gareth Clayton a director at Dubai-based recruiting firm Charterhouse Partnership, which recruits in the financial sector. "Clients need to be culturally in-tune with where they are going to be working," says Clayton and adds that it's important to point out early on during the interviewing process. Get experience by joining international business organizations or taking short-term projects abroad.

Ditch the Political Correctness

Conversely, it's common to put your ethnicity or nationality on your resume, identifying yourself as an American citizen. Some firms demand finance professionals who fit a certain demographic, such as someone of European origin, Clayton says. In the West, "you can't even talk to clients about a person's age, nationality or their sexual orientation, whereas here clients will tell us not just about the skill set they need but about the nationality," he says. This kind of information also affects work permit requirements: "We quite often add details that candidates don't normally put on their [resume] like family statuses, date of birth and nationality," he says.

Demonstrate Regional Flexibility

Being flexible to work in cities across the region like Jeddah or Riyadh in Saudi Arabia, Doha in Qatar, Muscat in Oman or even the nearby Emirate of Abu Dhabi can help you eventually break in to the more established market in Dubai, says Patricia McCall, regional director for Duke University's Fuqua School of Business in Dubai.

"It's best to be very open-minded about where in the region you'd want to work," says McCall, a U.S. expat who worked in Cairo, Egypt before becoming head of research at a Dubai-based consulting and corporate finance firm. The GDPs of these surrounding Gulf Cooperation Council countries are steadily expanding, with neighboring countries like Qatar and Oman growing at more than 10% per year.

Stay Flexible in Work Responsibilities

As a smaller financial center, analysts or managers often need to do much more than their job description calls for in the East or West, Duke's McCall says. As an analyst be willing to take on responsibilities like recruiting which are not always a traditional part of the role and have the ability to multitask beyond their standard role. "Often times the organizations here tend to be more flexible in terms of their reporting lines," McCall says.

Impress with Global Credentials

Whether touting your M.B.A. program or highlighting a big bank on your resume -- spotlighting well recognized names is a must. "We live in a branded world [and] it should be clear which brands you work for [and] which brands you have serviced as clients," says Stanton Chase's Phillips. With most large banks operating offices in the region only within the last decade, hiring managers can be extra impressed by big name experience or graduates of elite business schools.

Highlight Public Sector Experience

Many of Dubai's entities are a partnership between the government and private sector. The Emirate's ruling Maktoum family sits on dozens of boards and Dubai-based companies must have a local partner to set up their business. So whether or not your prior government experience is related to finance, it's a good idea to place it at the top of your resume, suggests McCall. "You need to understand the intersection between public and private, as it's quite a unique place," she points out.

Set Up a Local Home Base

For a leg up, consider visiting Dubai for an extended time during your search. A U.S. citizen, for example, is automatically given a 30-day tourist visa. As in any other finance capital, Dubai's companies want to see a sincere commitment, so if you want a job in the emirate, conduct your search in Dubai, not from your desk computer in New York.

"Our organization has a lot of success with those who are on the ground and fresh into the market here," says Clayton. He adds that there's always a need for entry-level candidates looking to relocate with starting base salaries of $4,000 per month tax-free.

Learn Islamic Finance

Not all finance roles call for Islamic finance knowledge, but it can be a huge bonus especially for Mideast-based banks or venture capital funds. "A lot of the bigger banks are opening Islamic finance divisions and you may find [a position] where you are doing both Islamic finance and traditional finance," McCall says.

Local campuses of top business schools like Duke's Fuqua and Cass Business School integrate Islamic finance principles consistent with Sharia law into the coursework. Islamic Finance is consistent with moral codes of Islam, forbidding practices like collecting interest or investing in businesses considered haraam or unlawful. Of course, hiring managers also look for quantitative accomplishments, leadership experience, and teamwork skills.

Understand Sponsorship Requirements

Even when you land a job, relocating is not as simple as packing your bags. The United Arab Emirates requires residents to be sponsored by their companies in order to award a residency visa, which is the same in many countries. So only companies can apply for a residency visa on your behalf. Expats cannot become citizens according to UAE law, but the visa can be renewed.

Once you break in, the quality of life is worth is, says Phillips. With more affordable services, it's easier to make your salary go further than in the world's other finance capitals. "Most execs have a driver, a nanny, a cook. This is all at the fraction of the cost that you would be able to have these things in the U.S. or U.K.," he says. "Most people don't want to leave once they spend some time here."

Write to Alina Dizik at alinadizik@gmail.com