The race for financial dominance of the oil-rich Gulf region began years ago, but the outcome is still far from certain.

Since the oil price crash a decade ago, traditional oil and gas exporters of the United Arab Emirates, Bahrain and Qatar have pushed ahead with dramatic diversification schemes. Bahrain has long been the offshore banking centre for Saudi Arabia and picked up Beirut’s position as the Arab banking hub as Lebanon descended into civil war in the 1970s. But over the past few years, Dubai and subsequently Qatar have succeeded in challenging Manama’s regional supremacy. They have offered new regulatory environments akin to those found in developed financial markets.