Boltholes dry up in the Gulf

FT:

Until only a few months ago, many executives from developed economies viewed the Gulf as bolthole to ride out the global economic storm.

Now the axe is threatening to fall heavily on the staff of Dubai real estate companies as a six-year property bubble finally bursts, while similar cost-cutting measures are sweeping through the investment banking community.

Morgan Stanley, Credit Suisse and Goldman Sachs have already cut about 10 per cent of their regional staff as the prospects for next year's fees dim with the oil price slump.

Elsewhere, big real estate companies are slashing up to 15 per cent of their workforces.
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And while investment banks are shedding staff, they also want to replace some dead wood with experienced regional experts to contribute to the restructuring and merger deals that will become their bread and butter over the next year.

"If you can find me a good Saudi investment banker, I will hire him now," a banker says.