Perhaps the global private equity behemoths know something we don’t, or maybe they’re simply trying to gain a greater foothold in the Gulf, but they’ve been hiring recently.

The private equity landscape currently seems to be made up of a flood of cash and a drought of investment opportunities. Though fundraising increased by 10% to $6.4bn in 2008, according to figures from Gulf Venture Capital Association, the number of deals fell by 27% on 2007.

However, Kohlberg Kravis Roberts, which recruited Makram Azar from Lehman Brothers in September last year, is currently building its Middle East team having now gained a DIFC licence. What’s more, the Carlyle Group has added Nader Sultan – a former chief executive of Kuwait Petroleum Corporation – to its 12-strong MENA team as a senior adviser.

“There are a wide variety of attractive opportunities in these markets and our professionals here look forward to capitalising on KKR’s global resources to build our franchise,” said Azar.

So are the major players offering career opportunities at the moment? Well, the likes of Apax Partners, Bain Capital and CVC Capital Partners still don’t even have an on-the-ground presence, and those that do face stiff competition from dominant local players like Abraaj Capital and the various regional sovereign wealth funds.

As Financial News points out, Carlyle Group has completed just one deal – a 50% stake in Turkish shipbuilder TVK Gemi Yapim Sanayi ve Ticaret – since the Middle East team was established in 2007.

Still, Nick Careless, managing director at private equity-focused headhunter AP Executive, says that a number of large international players are building their teams in anticipation of increased deal-flow in the not-so-distant future.

“They’re viewing it as a prime opportunity to capture some of the proliferation of talent currently on the market,” he says. “But they’re demanding a lot. Candidates need recent MENA deal experience, a degree from a top five business school and at least five years’ experience at a top firm before they’ll even be considered, which is a stark contrast to this time last year.”