Dubai, UAE: With some sectors witnessed 39% salaries hike, top executive salaries in Bahrain averages over $1 million.
With the GCC’s economic growth once again on an upswing, pay packages are now seeing a return to form following the dip in 2014. As per market research, average income across the region and across different sectors has registered a 7% surge with the turn of the year. Meanwhile, top-tier executive salaries have seen a whopping 39% hike in some sectors in the GCC ; CEOs in the construction sector – incidentally, the highest-paying sector for senior management executives in the region – now rake in up to $1.2 million per annum as basic pay. Bahrain-based tier-one executives are on average paid ranges $22,569 to $39,132, per month, across sectors. All incumbents receive financial incentives in the range of 25-40% of annual basic salary.
“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,” Mohamad El Turk, Partner at Rasd, said.
Rasd is a pioneering regional executive search firm boasts 25 years of market experience in the GCC, and specialises in connecting quality leadership talent with enterprises serious about building organisational capability in high growth markets.
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. A trend that is driving companies, that are particular about their requirements, 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,” El Turk, added.
Once again, this year Saudi Arabia and Qatar remain the highest paying regions within the GCC, especially for professionals in CEO-level roles.