Investment-banking revenues in the Middle East tumbled to the lowest level since 2004 in the third quarter, as the twin burden of the global economic downturn and the region's political upheaval has crippled deal activity.
Investment banks in the region saw revenues from equity, debt and mergers advisory fall to a combined $36 million, compared to $73 million in the same quarter in 2010, figures from Dealogic show.
The result is the lowest since the second quarter of 2004 and a mere fraction of what banks earned in 2007 when Dubai was rising rapidly as a financial center and attracting bankers from across the globe. Based on the figures, banks across the whole of the Middle East made as much as Finland and South Africa, but only about half of the fees earned in Belgium.
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