MarketWatch notes that top investment banks are streaming into the Middle East, bent on capturing more oil-inspired business. The latest is that Bear Stearns has announced it will form, with a group of Saudi executives, a money management venture that will offer traditional investment products as well as Sharia-compliant products. The Saudi group will be headed by Prince Mishaal Bin Abdullah Bin Turki Al-Saud, of Zad Investment, which currently manages his family's portfolio. Also, Lehman Brothers has started a Middle East business. And Morgan Stanley has formed venture with Capital Group, of Saudi Arabia. Morgan Stanley started operations in Dubai in March 2006 and will do likewise in Qatar.

For more:
- here's more on Bear Stearns
- here's more background