“The joke doing the rounds is ‘Mumbai, Dubai, Shanghai or goodbye.”

That’s right. There’s a Gold Rush east and the mantra seems east or out, reports the Financial News.

Morgan Stanley, Credit Suisse and Citi are among those redeploying staff from other offices to the area.

“Of the 100 Morgan Stanley staff working in the Middle East, 40 are investment bankers and the majority have transferred from London … Banks are promoting more managing directors in the Middle East and other regions outside Europe than in their traditional western markets, according to analysis by Financial News … Credit Suisse is looking to bolster its onshore presence with 20 coverage bankers by the end of the year. Citigroup is to beef up its team of 10 investment bankers in Dubai,” reports the Financial News.

So. Who wants to be our ME correspondent?