Investment banks are back on the recruitment trail in the Middle East, hiring in Abu Dhabi and Qatar as they try to tap the newest source of capital markets and advisory fees in the region.
While banks are keeping a lid on staff numbers in Dubai, they are under pressure from clients and regulators to establish a bigger local presence in other oil-rich emirates in order to capture lucrative mandates.
Bassam Yammine, Credit Suisse's (CS) co-chief executive for the Middle East and head of investment banking and asset management in the region, said: "Before the crisis, banks were overbuilding their presence in the region.
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