The United Arab Emirates has good news for prospective bankers. Not only is financial services the largest employment sector in the country, bankers in the UAE are earning more than their colleagues around the world, at least in London.
According to Emirates 24/7, financial jobs are plentiful and growing. Banking positions are increasing across the Middle East, but the UAE benefited the most, as employment for the financial sector grew 9 percent over last year.
Other countries in the region were also faring well. Egypt experienced a total employment gain for all sectors of 28 percent over last year, while Kuwait grew 21 percent.
It is hard to compete with the salaries offered by the UAE's rising financial services industry, though. A report from salary-tracking company Emolument found large financial advantages to banking careers in the country. Junior bankers reported earning more than $115,000 in the UAE, accounting for both salary and bonuses. Compare that to the $87,000 Londoners in the same position were paid.
For more senior employees, the advantage begins to trend toward the U.K. banking center in terms of stated salary. However, Bloomberg reported that the discrepancy may not be as large as it appears. Since the UAE does not collect an income tax, employees there take home their entire stated salary.