Morgan Stanley Mideast chief quits

George Makhoul, the Dubai-based president of the Middle East for Morgan Stanley, is resigning from the investment bank, officials said yesterday.

Mr Makhoul's departure comes as the region's importance as an exporter of capital is waning along with the decline in the oil price from last year's levels.

This has led to a debate - among executives at Morgan Stanley and other banks - over whether there will be enough business to justify the large numbers of dealmakers who have arrived in Dubai in recent years.