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Middle East: Risk, Governance and Controls Recruitment Insights – June 2024

  • Recruitment activity in risk, governance and control-related functions (internal audit, risk, compliance, legal, cyber security) has been generally flat throughout 2024.
  • Most organisations have been undertaking replacement recruitment only with limited activity due to expansion.
  • Some increased activity due to digitisation programmes and tech-driven services in financial services.
  • A rise in the number of Fintech-related businesses has resulted in some increase in governance-related roles, particularly compliance. Most new businesses are not yet of a size to require significant recruitment into these functions, which are covered in the short term by outsourcing.
  • Significant activity in the health and education sectors across the region as a result of major government driven transformation projects being undertaken.
  • Significant increase in international applicants to the region as their home markets are flat, prompting them to look elsewhere.
  • This increased competition has led to low salary inflation as the market has become client led.
  • Recruitment processes have become slower as employers feel able to take their time due to the supply of candidates, allied with a cautious approach.
  • Skills shortages are still apparent in specialist risk roles and technology/data related roles.
  • The outlook seems to be cautiously optimistic. Organisations appear to be waiting to see how things develop with interest rates, international political developments and conflicts within the region before committing to further investment. The knock-on effect is that recruitment decisions are being delayed for now.

Tim Sandwell

Head of Middle East
ts@barclaysimpson.com
020 7936 8973

Please reach out if you would like advice on hiring in the Middle East Region for risk, governance and controls professionals.
Barclay Simpson has over 30 years’ experience of hiring in these areas we can offer deep insight into how the market is changing and how to secure the best candidates.