The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Dubai’s financial centre: Does on the ground mean in the money?

Some senior bankers are still moving to Dubai; but at least one has already moved away again. Sending rainmakers to the UAE brings as yet unquantifiable rewards. Should global banks keep expanding their Gulf presence? Dominic O’Neill reports from Dubai.

MOST OF DUBAI – including the part allocated for the Dubai International Financial Centre – is an unfinished building site. Relocation of senior bankers has fuelled something of a buzz in the financial centre’s Gate development.

The bankruptcy of Lehman Brothers and the accompanying regional crisis caused by oil, equity and property crashes has not reversed the trend of senior bankers moving to Dubai, at least not in all business lines. Andrew Dell moved to Dubai as recently as January. He is head of debt capital markets in CEEMEA at HSBC, previously based in London.

Earlier this year, Credit Suisse relocated Anthony Armstrong to Dubai. Armstrong sometimes worked with Arab buyers in his former role as managing director for Americas M&A in Los Angeles. He moved because of the US slowdown and expected growth in Middle East M&A activity.

In what might be a reality check for Dubai’s financial centre, however, Goldman Sachs brought back to London Alasdair Warren, its most senior banker in Dubai. Warren, a managing director in the financing group, had only been in Dubai a year. But stock issuance in the Gulf has been almost non-existent since September. Warren’s experience as a former co-head of UK investment banking is highly in demand as European companies turn to financing through equity.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree