The ever-increasing profile of the DCM banker in the Gulf

Bank lending has been scaled back over the last 12 months, which means more firms have been compelled to turn to the debt capital markets. As a result, investment banks are once again looking to bolster their DCM teams.

Companies in the GCC are increasingly using bond issuances to raise finance, so while M&A and equity market activity slumped in 2009, debt markets surged by 151% on 2008 levels, according to figures from Thomson Reuters.

The Dubai International Financial Centre last month suggested in an economic note that GCC countries were continuing to invest heavily in infrastructure and required to raise some $2.3trillion. Much of this finance could be raised through DCM, it says.

"It is opportune to raise this financing through debt securities that are based on future cash and revenue flows, as is the case in project finance," it said.

"If market conditions allow, DCM transactions in the regional real estate and construction sectors will pick up this year," says Roy Cherry, vice-president, research, real estate & construction at Shuaa Capital.

"Funding requirements are high and the need for more diversified and long-term funding strategies is proving to be immense," he adds.

And when it comes to hiring, the demand is for people with knowledge of a wide range of products, as well as good local contacts, suggests Mark Swan, director, MENA at headhunters Principal Search.

"It is not plain vanilla-type loan DCM people, it is people - particularly at vice-president level and above - who have more sophisticated skills in this area who will be in demand," he says.

"If you have Arab language skills, have been in the region for probably three years or more, have an understanding of local nuances and culture and can provide solutions, then you will be in demand," he adds.