The restructurings of Dubai’s state conglomerates have been painful for many banks but have provided a seam of work for independent advice-focused banks and boutiques .
Several have opened full offices in the Gulf even as big US and European investment banks, which swamped the region with bankers in the years preceding the financial crisis, struggle to find enough work.
Dubai World , the largest and most troubled of the emirate’s conglomerates, has been advised by Rothschild while the government has been advised by Moelis & Company, a firm set up by Ken Moelis, a former UBS veteran, in 2007.
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