Once a dull backwater compared to the financial hubs of London, New York and Hong Kong, an investment boom has transformed the Arab Gulf states into desirable destinations for global talent. Among them are plenty of Australians, offered pay rises of up to 70 per cent, as Middle Eastern sovereign wealth funds grow bigger and bigger.

The region’s state-owned investment funds that account for more than $US3 trillion ($4.44 trillion) in capital – increasingly deployed into Australia. Takeover speculation at oil and gas giant Santos, last week, pointed to Saudi Arabian and Abu Dhabi-based investors; Qatar Airways is also considering a stake in Virgin Australia.