It is said that the Chinese are leading the scramble for Africa. In Dubai, the very Chinese firms leading that charge have become a target for major banks looking to maintain their Middle East franchises in the midst of the Arab revolts.
Over the past couple of years, global banks have been placing teams in Dubai to serve the Chinese multinationals that are heading into the region seeking hydrocarbons and infrastructure contracts.
HSBC has had a China-focused team in its Dubai office for a couple of years now. Standard Chartered’s Dubai regional office has dozens of bankers using its reputation as an Asian and African specialist, as well as a specific Chinese and Korean desk for Chinese companies interested in the United Arab Emirates.
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