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In a rare indication that the Gulf might not be totally sheltered from the problems dogging global markets, Dubai International Capital (DIC) has sacked 10% of its staff.

Two senior executives have been laid off from the global equities team of DIC, the investment arm of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. And five senior staff have been axed from DIC's emerging markets team, the Financial Times reports.

Although redundancies are a relatively rare thing in the Middle East, DIC reckons that slumping global markets have highlighted the need to weed out underperforming staff.

The problems within the global stock markets have prompted a restructuring of DIC’s global equities fund. In November, Alykhan Nathoo is set to head up the emerging markets team and lead it to a renewed focus on Asia and the Middle East.

DIC has been recruiting fairly aggressively since 2004, expanding from 30 to 70 staff based in both London and Dubai.

But before you start getting too gloomy about Gulf employment prospects, another bank in the region remains intent on expanding its investment banking and private equity business.

Beltone Financial, which has offices in Dubai, Saudi, Qatar and Egypt, says that buoyant capital markets in the region are spurring a recruitment drive and it's looking to attract experienced professionals from both domestic and international markets.