IQ Selection, the Dubai-based recruitment firm, also a part of the global premier group, says the enquiries from potential employers have increased by 60 percent during the past month.

Earlier the hiring market was totally down, with rate cuts and redundancies, but, firms are approaching us with live vacancies. Hiring is happening mainly in the front office for private equity and investment banking capital markets, said Jonathan Gould, Financial Services Consultant at IQ Selection.

Arqaam Capital, an investment bank in Dubai, said that a flood of interest has been seen from candidates seeking to enter the region from abroad, and they are more realistic in terms of salary expectations.

The Managing Director – Human Resources at Arqaam, Marc Hoodless, said it is common for people to take positions, wherein the compensation has been 30 percent less and in few cases lower than it was six months ago.

According to Senior Consultant at Stanton Chase International, Jack Montgomery, the leading global executive search firm, majority of the demand in the financial services world is in private equity sector.

The recruitment analysts say that the private equity sector in Gulf, witnessed a boom during the last two years, but, the number of redundancies were not to the extent of that seen in the investment banking sector, or other areas of financial services during the past six months.

Posted on 1/6/2009

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