Oil prices rebounded last year and have remained buoyant. But activity in Middle East investment banking failed to pick up so quickly, comparing badly with recovery elsewhere, especially Asia.
In 2009 investment banking revenue in Asia (excluding Japan) was only 15% down from its 2007 peak. By the end of the summer this year, Asia had already almost surpassed its 2009 revenue.
In equity markets, Middle Eastern issuance last year was $4.6 billion, little more than a third of the amount in 2008 and 2007.
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