UBS is moving six London-based bankers to Dubai in the latest example of investment banks strengthening their on-the-ground teams in the Middle East, where business is booming while activity in Europe and the US is slowing.

UBS employs more than 200 staff dedicated to Middle East business of whom more than 100 are based in the region. The bank said in a statement today it is redeploying another half a dozen staff across various investment banking areas to Dubai.