Morgan Stanley, along with several other large investment banks, bet big on the Gulf, hiring furiously when it launched operations from the newly-opened Dubai International Financial Centre offices in 2006.

Against the backdrop of global economic gloom, surging growth in the oil-rich Gulf is now serving the bank well. This year, say bankers in the region, it is expected to win $500m (£285m) in fees from the region, much more than last year.