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Morgan Stanley is to open an office in the booming Middle East state of Dubai.

The office will deal with wealth management, investment banking and capital markets expertise.

Up to 25 staff will be located in the Dubai International Financial Centre. The Centre is an financial services free-zone created to attract foreign financial services business.

The region is experiencing an economic boom on the back of the escalating oil price. Growth is averaging 6%.

The move comes as Dubai races with Bahrain to be the pre-eminent financial centre in the region.

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