In the wake of the financial crisis and the debt problems of Dubai World and two Saudi Arabian conglomerates, it had been expected that foreign banks operating in the Gulf would downsize their operations in the region. Not so. In fact, many foreign banks are restating their commitment to the Middle East and refocusing their strategies in the Gulf.
One example is Standard Chartered, a Western bank that has been in the region for 90 years and is known to be exposed to the considerable debt obligations of Dubai World, the state investment company that sought a moratorium on its debt in November 2009.
