The new office is managed by Chris Steer and he is joined by Callum McCall and David Barnett. All three have transferred from GFI's office in London. GFI is also retaining the services of Jonathan Peevers, who has 20 years' experience in Gulf financial markets.

"We believe there are great opportunities in the Middle East and GFI will be transacting Murabaha business and broking Middle East debt and other Gulf-region financial instruments", said Mr Steer. "We'll be servicing clients both locally and internationally and, longer term, we expect to expand this office and the products offered".

In 2006, GFI set up a London desk to develop a secondary market in Islamic bonds (Sukuk).