Dubai-Investment Banking: Bye-bai

Dubai is no longer a safe haven for investment bankers. When heads started to roll last year in London and New York, the joke used to be: “Shanghai, Mumbai, Dubai or Bye-Bye”. Not anymore. Now, bloated investment banking teams sitting in some of the world’s most expensive office space look set for a down-sizing. In the last few years, Western banks have rushed to cash in on the Gulf petrodollar boom. Dubai’s tax-free status and relaxed attitude to Islamic norms made it a natural destination for...