Investment banking fees in the Middle East have fallen by almost half over the last 12 months, according to data provided exclusively for Financial News. It highlights the difficult task facing western banks looking to increase revenues in the region as a proportion of total Emea profits.

Banks earned a total of $643m (€439.9m) in fees for work carried out in the Middle East over the year to September 9, according to data provider Dealogic. This is a drop of 44% compared with the previous 12 months when total revenues were $1.2bn.