Middle East financial centres are making hay on the global stage, but are still unlikely to attract big-hitting bankers.

In the latest Global Financial Centres Index, Bahrain and Qatar were some of the most improved cities.

While Dubai came in at 24th, Bahrain and Qatar were 39th and 47th respectively. These positions – slotting in behind such minnows as Glasgow and the Isle of Man – hardly set the world alight, but in terms of overall scores, the Gulf nations showed some of the biggest advances.

Are great things on the horizon? Mark Yeandle, author of the report on the survey (by consultants Z/Yen in association with the City of London), predicts Dubai will improve, but says prospects for Bahrain and Qatar aren’t quite so bright.

Dubai’s promise is partly down to an influx of banking talent, says Yeandle: “The availability of financial skills in the region is good, and improving all the time.”

However, he says top-class bankers and deal-makers are still shying away from the region: “They invested a lot of money in office space, and operating costs are relatively low there, and therefore you have a lot of operational staff. But the real deal-makers, the people who really add value, haven’t congregated on that centre yet.”

He says that Dubai’s recent high profile might actually have worked against it – people start comparing it to London or New York as a destination to work, and it doesn’t match up favourably.