Dream Jobs In Dubai Dry Up

Until only a few months ago, many executives from developed economies viewed the Gulf as bolthole to ride out the global economic storm.

Now the axe is falling heavily on the staff of Dubai real estate companies as a six-year property bubble finally bursts, while similar cost-cutting measures are sweeping through the investment banking community.

Morgan Stanley, Credit Suisse and Goldman Sachs have already cut about 10 per cent of their regional staff as the prospects for next year's fees dim with the oil price slump.

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