Persian Gulf Lures Banks, But Market Is Tough Play

Dubai

Western investment banks are rushing to the oil-rich Persian Gulf, seeking shelter from the global financial storm. But business, even in this haven, is disappointing.

International investment banks pulled in just $366 million in revenue from the region in the first half, according to Dealogic.

That's despite a booming market for initial public offerings of stock, and it is sharply lower than the $631 million they raked in during the first half of 2007. (The figures exclude revenue from Saudi Arabian stock ...