Exclusive: Dubai’s FX Sales Heads Bank Big—Twice the Pay of Cyprus Roles

Are you working in the forex and fintech industry and torn between Dubai and Limassol? Here is something to make your decision easier: a Chief Operating Officer in Cyprus can earn up to EUR 180,000 a year, while the annual salary for the same role in Dubai can go up to EUR 301,000. Similarly, the salary of a Chief Revenue Officer in Cyprus is EUR 144,000, while in Dubai it is EUR 327,000. And needless to say, the UAE has no personal income tax.

The latest industry-wide salary survey by FinTop Consulting, a staffing firm in the B2B FX industry, was exclusively shared with FinanceMagnates.com.

Are you wondering how much FX executives were earning in the earlier? Read our previous reports on salary survey.

Salaries in Dubai Are Growing Faster Than in Cyprus

The survey found that the average salary increase was 5.4 per cent across all sectors in Cyprus, while the growth was between 6 per cent and 8 per cent in Dubai-based roles, “driven by heightened demand for specialised skills.”

Dubai has emerged as a challenger to Cyprus’s forex and fintech industry. The dominance of the Middle Eastern city, with its vast talent pool, has attracted a lot of brokers and other trading-related companies.

The growing demand for FX roles in Dubai is rising as many brokers and other trading industry service providers are setting up a physical presence in the city. Many brokers have even obtained local licences to cement their presence in the region.

Read more: IC Markets Seeks UAE License; Eightcap Secures a New Dubai License

However, it should be noted that the cost of living in Dubai is 25 per cent higher than in Limassol. Is that a deterrent, or are the salaries high enough to attract top talent to the desert city?

Dubai vs Cyprus: Salaries

The salary of a CEO based in Cyprus can reach EUR 300,000 annually; however, a CEO at a smaller firm may earn between EUR 36,000 and EUR 72,000. The survey of Dubai-based roles, however, did not disclose the CEO salary range.

Although salaries for certain C-level roles in the two countries are comparable, others show a stark contrast, favouring Dubai. The salary of a Chief Marketing Officer in Cyprus reaches a maximum of EUR 200,000, while in Dubai it can go up to EUR 229,000. A Chief Technology Officer in Cyprus can earn up to EUR 210,000, whereas someone in a similar role in Dubai can take home up to EUR 229,000.

Cyprus has long established itself as the European hub for the retail forex industry. However, its dominance is now being challenged by Dubai, and this shift is clearly reflected in the salaries offered for many roles.

That said, not all Cyprus-based roles offer lower salaries than those in Dubai. The maximum salary of a Chief Financial Officer in Cyprus is EUR 240,000, while Dubai-based counterparts can earn up to EUR 196,000 a year, according to the survey.

Dubai usually offers significantly higher pay for middle management roles. The salary of a Head of Marketing can reach between EUR 120,000 and EUR 173,000 in Cyprus, whereas the same position based in Dubai can earn up to EUR 196,000.

Compliance-related roles also command higher salaries in Dubai. A Chief Compliance Officer and Chief Risk Officer can each earn up to EUR 261,000, with the Head of Legal receiving a similar amount. In contrast, a senior-level Head of Legal & Compliance in Cyprus earns up to EUR 150,000.

Read more: CFDs-Heavy Cyprus' Compliance and Legal Heads Are Earning Six Figures

Both Cyprus and Dubai require tech-centric skills. However, the top in-demand skills in Dubai are regulatory and compliance expertise, followed by blockchain development and algorithmic and quantitative trading.

In Cyprus, demand is also growing for Regulatory Technology (RegTech), ESG analytics, and compliance automation. The need for compliance-related roles surged across Europe following the implementation of the Markets in Crypto-Assets Regulation (MiCA) last year.

This shift is also reflected in salaries in Cyprus, where the compensation for a Head of Compliance has almost doubled compared to a year ago.

When it comes to direct revenue-generating roles, a Head of Sales in Dubai, with a maximum salary of around EUR 245,000, can earn more than double that of a counterpart in Cyprus. In operations, a Cyprus-based Chief Dealer earns up to EUR 144,000—less than half the annual salary of a Chief Trading Officer based in Dubai. The Head of Trading in Cyprus also earns nearly half the amount offered for the same role in Dubai.

However, there are notable differences when it comes to managerial roles. While a Business Development Manager in Cyprus can earn up to EUR 60,000 and one in Dubai up to EUR 88,000, the top salary of a Compliance Manager in the Mediterranean island is higher than in the desert city. A Risk Manager in Cyprus can also earn almost double the salary of one based in Dubai.

According to the survey, Limassol remains the epicentre of activity within Cyprus, representing over 62 per cent of fintech and tech professionals in the country. Nicosia and Larnaca follow, at 24 per cent and 8 per cent, respectively. The majority of the workforce has 5 to 10 years of experience.