Investment banking revenue in the Middle East slumped 45 per cent to $103m in the first three months of the year, as the global financial crisis and a slowing trickle of petrodollars took its toll on Gulf states.
A year ago, international investment banks and asset managers flooded the region, hoping that the Gulf’s hydrocarbon-fuelled growth would offset the slowdown elsewhere. In the third quarter of 2008 revenue peaked at $296m (€224m, £200m), Dealogic, the data provider, said on Thursday.
But the deepening global crisis shattered hopes of a decoupling, with the region suffering its own credit crisis and significant slowdown in growth as oil prices collapsed.
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