Pay packages across the GCC have bulked up by seven per cent with the turn of the year across different sectors, with senior executives in the construction segment raking in as much as $1.2 million per annum as basic pay, an industry expert said.

Meanwhile, top-tier executive salaries have seen a whopping 39 per cent hike in some sectors in the GCC, added Mohamad El Turk, partner at Rasd, a leading regional executive search firm.

Bahrain-based tier-one executives are on average paid anywhere between $22,569 to $39,132 per month across sectors, he said.

“The construction and real estate industries have experienced exponential growth in the last year. Top-level executives within these sectors are now in a position to reap the benefits of this momentum. Companies, too, stand to benefit with the knowledge that these talented executives are capable of adding value in terms of leading organisational development and augmenting income and profits,” El Turk explained.

Lagging slightly behind the construction sector in top-level executive pay scales are the commercial banking sector’s CEOs who earn basic incomes of anywhere between $600,000 and $1 million. Meanwhile, executives within the real estate, consumer goods retail and automotive sectors are now drawing anywhere between $350,000 and $550,000 per annum.

“Another trend we’re noticing is the need for candidates who have a profound understanding of local market dynamics,” added El Turk.

“A trend that is driving companies that are particular about their requirements is to invest in attracting talented indigenous executives who understand the corporate and cultural challenges, and as a result able to capitalise on the promising economic outlook of the region.”

Once again, this year Saudi Arabia and Qatar remain the highest paying regions within the GCC, especially for professionals in CEO-level roles.

Nadim El Said, managing partner at Rasd, explained: “The cultural component plays a big role when hiring in GCC countries; multinationals are willing to pay significant amounts especially for highly skilled leaders who also exhibit cultural-compatibility.”

“This trend is even more pronounced with local groups and conglomerates who seek leaders possessing a deep understanding of the region and that can communicate effectively with native stakeholders,” El Said concluded. – TradeArabia News Service