Although financial centers such as Dubai and Abu Dhabi are starting to feel the pinch from the worldwide economic downturn, the job market in financial services and private equity remains fairly active, according to a report by BusinessWeek.
In fact, many business schools are even organizing “job treks” to the region, trying to connect students with alumnae in the area. Wharton plans to host a Global Alumni Forum in Dubai this March, bringing together Wharton faculty, alumni and current students. New York University’s Stern School of Business will be hosting a junket to Dubai and Abu Dhabi during spring break of 2009, with 23 students already signed up for the trip.
The Middle East is clearly a growth area for private equity and other financial jobs. But the business communities in these areas are closely-knit, which makes it difficult for any MBA or western professional to break in without prior experience in the region. Speaking Arabic and having a well-established network of connections is a start. Candidates should also have a deep understanding of the culture in the region. And as with other financial centers, landing a summer internship in the Gulf is still one of the best ways to gain experience and begin building your network. Not to mention getting a better idea of what it’s like to live and work in the Middle East.
Nearly 9 out of 10 CEOs with experience leading businesses in excess of $100 million, and who have an interest in private equity, are optimistic about the year ahead. More than half say that the current economic environment will create attractive buying opportunities in 2009.
These are among the findings of a survey conducted by Notch Partners among 166 of their Notch Partners Private Equity CEO Council (NPPECC). Notch Partners (www.notchpartners.com) is a human capital services firm that facilitates relationships between private equity firms and industry leading CEOs.
The CEOs were evenly split as to whether the current economic slowdown will force long-term structural changes to the private equity industry. Half still viewed the credit crunch as a temporary phenomenon which will improve by 2010.
And 92% of the CEOs surveyed are personally attracted to private equity as a career option. In fact 78% felt that leading a private equity-backed company was a more attractive career option than running a publicly-owned business.
Venture capitalists are predicting a difficult 2009, with a slowdown in new investments across all industry sectors and increasing attention paid to supporting existing companies. One of the few bright spots in 2009 includes clean technology, with 48% of respondents predicting increased investment in the sector and 20% thinking investment will stay at the current pace.
Their views were published in third annual National Venture Capital Association (NVCA) Predictions Survey, conducted between November 24 – December 12, 2008. It included predictions from more than 400 venture capitalists across the United States.
Aside from clean tech, roughly a quarter of venture capitalists say that the life sciences sector offers the second highest chance for investment stability and growth. 25% felt biotechnology investment will increase. The medical devices sector may see modest growth as well. On the other hand, two-thirds of respondents expect a continued slowdown in the semi-conductor, media/entertainment and wireless industries.
The implications for venture capital job opportunities in 2009 are clear, especially with the potential for additional growth in clean tech and energy infrastructure created by President-elect Obama’s economic stimulus package.
