With so many problems elsewhere around the globe, the Middle East is a shining ray of light. High oil prices - which touched $147 a barrel in July before sliding back to the $125 level - have meant there is plenty of cash looking for a home.

The past few months have seen a sudden burst of activity from the region's sovereign wealth funds, which have injected huge amounts of capital into under-pressure global investment banks in the hope of snapping up a bargain. In the short term at least, these

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