Not only does Dubai have an indoor ski slope and a sunny (albeit hot) climate, it also pays its private equity professionals more than they can earn in Western cities.

“The trend is for net earnings in Dubai to equate to gross earnings in, say, London or New York,” says Gareth Clayton, a director at search firm Charterhouse Partnership in Dubai.

James Mackenzie, managing director of Mackenzie Executive Search, says an associate can expect to take home between US$50k and US$100k a year – tax free.

This particular pot of Middle Eastern honey isn’t accessible to just anyone, however. Recruiters say funds are ideally looking for people who have worked in Western Europe or North America but have done deals in the Middle East.

Recruiters say the majority of employers at present are smaller funds set up with local money who are trying to consolidate their positions before the global players inevitably come into the market.

Carlyle Group is raising a $1bn fund for Middle East investments and analysts don’t think it will be long before other global players look to take advantage of opportunities in the region.

“There is a lot of investment here, a lot of long-term potential. And Dubai is becoming a hub. There is access to the subcontinent,” adds Clayton.