Goldman Sachs’ most senior banker in Dubai has predicted a total equity capital markets deal drought for the first half of next year in both the Gulf and the wider world, but believes that the Middle East will recover faster than more developed financial markets.

Alasdair Warren, who was co-head of UK investment banking until March this year, when he relocated to Dubai, said that the initial public offering market was shut around the world and would remain so until well into next year.