Financial Times FT.com

International banks: Gulf states diversify away from their old ties

By Simeon Kerr

Published: November 24 2008 17:09 | Last updated: November 24 2008 17:09

As the news becomes ever grimmer at home, Middle Eastern bankers have tended to talk about fundamentals a lot.

The region, awash with the biggest petrodollar pool in its history, also sits on the world’s largest oil reserves and is diversifying into a dynamic economic zone. Of course the global financial crisis will affect the region, but less so than elsewhere, they argue.

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