Q3 2023 Legal and Compliance Market Update

Q3 2023 - Summary

With the predictable summer slowdown across the region, the market has been less active generally during Q3. However, as the weather cools and schools reopen we’re seeing the expected increase in activity, particular for mid-level and senior-hires.

Busiest Areas

The busiest sectors over Q3 have been technology, digital banking, and financial services.

Several locally-headquartered technology businesses are in growth mode, primarily focusing on Senior Counsel hires to bolster talent and support senior stakeholders.

There are various digital banks applying for licences in the region, particularly in the UAE and KSA. As a result, there has been an increase in compliance hires for professionals with experience applying for licences and acting as the appointed Compliance Officer.

Financial services has been steadily increasing in activity, with more banks growing teams; however, several locally-headquartered banks are outsourcing many hires.

Abu Dhabi has been a hotspot for hires, and Saudi Arabia continues to have impressive volumes of activity. Both locations are also offering strong relocation packages.

Dubai is consistent but the scale of growth appears to be slowing, and Dubai will have to look to the increased salaries provided in Abu Dhabi/KSA to find new ways to attract international talent, and avoid local talent being poached.

Crystal Ball Predictions

Digital banking will continue to be busy, with focus turning in the next 6 months to legal hires.

Startups will carry on opening in the region, and multinational businesses will set up/grow their regional bases.

Abu Dhabi and Saudi Arabia will attract expat talent with interesting, exciting roles that pay above regional market rate.