Saudi CEOs earn highest in Mideast
Dubai, July 30, 2012
The survey ranked the CEOs as follows - Saudi Arabia, Qatar, UAE, Kuwait, Oman and Bahrain. It is based on chief executives who are responsible for sales of more than $50 million, a statement from Gulf Business, which conducted the survey, said.
The survey highlighted the additional 'lifestyle premium' as it is known in the recruitment industry, for executives in Saudi Arabia where the pay packets are supplemented with housing, travel and allowances that inflate the salary giving it the number one slot.
CEOs in Qatar earn Dh1.467 million per annum ($399,648 or $33,304 pm) coming in second in the survey.
Arab CEOs employed over the past year are commanding a 10 per cent premium in their salaries compared with Western expatriates due to the demand for Arabic speaking executives, particularly in infrastructure based industries.
CEOs who are residents in the UAE fare slightly worse, although still in the million-dirham bracket, at Dh1,386,782 per annum ($377,664 or $31,472 pm).
Following on from the Dubai downturn, Gulf Business reports that 'companies in the Emirates have been struggling to calibrate their workforce and [as such] remuneration has varied widely'.
This is evident for CEOs who have remained in their positions throughout this turbulent period, still commanding pre-recession salaries. 'It is now agreed in the recruitment industry that Dubai is exiting an 18-month corporate consolidation phase, which has resulted in a more balanced supply and demand in the field.'
Kuwait's situation is in contrast to the top three countries for CEO earnings, where the churn rate in the market is low. CEO's salaries are still healthy at Dh1.333 million per annum ($363,120), although without an active executive recruitment market, pay rises will be minimal in the current climate.
Oman's GDP growth is forecast to be higher than that of many developed and emerging economies. With annual salaries still over the Dh1 million mark at Dh1.222 million ($344,952 or 28,746 pm) the country is considered to be the one to watch with reference to potential growth in the c-level executive recruitment market.
With the unrest in Bahrain last year, CEOs salaries have seen an increase, although salaries remain at the bottom of the GCC market. – TradeArabia News Service