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Senior Manager
Joined: 08 Feb 2007
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Middle East Remuneration (Finance) [#permalink]
 05 Jun 2008, 07:56
Does anybody know about the pay range for investment banking in the Middle East? Specifically Saudi Arabia.
I'm looking to find out how much pre/post MBA would pull in the Middle East since I've been approached by a boutique bank. Probably looking at a manager level (VP?).
Any info would be good....
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Director
Joined: 18 Dec 2007
Posts: 983
Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
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Re: Middle East Remuneration (Finance) [#permalink]
05 Jun 2008, 18:19
one thing that will boost your income in thos regions... Tax Free!!!
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Current Student
Joined: 03 Sep 2007
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Re: Middle East Remuneration (Finance) [#permalink]
05 Jun 2008, 18:22
I am not very internationally aware, so why will income be tax free?
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Senior Manager
Joined: 13 Jun 2007
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Re: Middle East Remuneration (Finance) [#permalink]
05 Jun 2008, 22:30
dghazer wrote: I am not very internationally aware, so why will income be tax free? Because you don't pay tax over there  (or very little anyway)
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Director
Joined: 18 Dec 2007
Posts: 983
Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
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Re: Middle East Remuneration (Finance) [#permalink]
06 Jun 2008, 05:03
Many countries in the middle east have low or 0 income tax rates.
However, if you are American, you will still have to file federal tax forms whereever you work. A disadvantage of being American.
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Director
Joined: 01 Jan 2008
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Re: Middle East Remuneration (Finance) [#permalink]
06 Jun 2008, 05:08
The salary in Middle East for Senior Finance Executives in the banking sector should be in the range of 25,000 Riyals and above, plus benefits like housing and healthcare.
The income is tax free.
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VP
Joined: 14 Feb 2005
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Re: Middle East Remuneration (Finance) [#permalink]
06 Jun 2008, 07:16
Dubai is the best place to Live and Work! in Middle East!
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Senior Manager
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Re: Middle East Remuneration (Finance) [#permalink]
06 Jun 2008, 09:20
bhatiagp wrote: The salary in Middle East for Senior Finance Executives in the banking sector should be in the range of 25,000 Riyals and above, plus benefits like housing and healthcare.
The income is tax free. I guess that's without bonus. What do the bonuses look like?
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Director
Joined: 30 Nov 2006
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Re: Middle East Remuneration (Finance) [#permalink]
06 Jun 2008, 14:02
I'm from the middle east (Kuwait, specifically .. located right next to Saudia Arabia) and I work in Investment Banking right now in Kuwait!
I know for a fact that Saudia Arabia and Kuwait both are Tax Free .. No income tax, no sales tax .. nothing ..
I only got to know the word tax when I moved to study in the US 7 years ago.
I guess for a post-MBA manager/VP position at an investment bank in KSA (Kingdom of Saudia Arabia), you will be paid anywhere between 20,000 to 50,000 Saudi Ryal a month .. again tax free and excluding any bonus.
The amount depends upon your experience, how bad they want you, and how large the investment bank is.
Be aware that life in Saudia is totally, completely, and largely different than life in Dubai, Qatar, or Kuwait.
Saudia Arabia is a very exceptional case in the Gulf region. Don't expect much entertainment.
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VP
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Re: Middle East Remuneration (Finance) [#permalink]
07 Jun 2008, 11:27
If it serves as an indication, consultants (top 5 MC) in Dubai are making the equivalent of 100k/year (vs around 125k/yr in the US). But the ME salaries are tax free.
L.
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Manager
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Re: Middle East Remuneration (Finance) [#permalink]
08 Jun 2008, 04:23
Saudi banks follow the local banking sector salaries. Fresh grads get SR 10,000 to 15,000 per month (saudi riyals)
Intl. banks pay almost the same as their other offices. For example Morgan Stanley pays around SR17,000 /mo
ofc all the money is tax free.
if you live on the east coast of Saudi Arabia, then you can go to Bahrain every weekend and have fun there.
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Re: Middle East Remuneration (Finance)
[#permalink]
08 Jun 2008, 04:23
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