Investment banks in the Middle East are likely to see more restructuring work in 2012, as companies and government entities continue to struggle with debts they amassed before the financial crisis, while merger and acquisition activity will be focused more on the mid-market deals, according to a senior banker at HSBC Holdings in the Middle East.

"I see more restructurings to come, because there weren't enough in the first place. At a corporate level, at a government level, at the quasi-government level, I still think there is a lot more restructuring to be done," Omar Mehanna, managing director and head of advisory for HSBC in the Middle East and North Africa, told Zawya Dow Jones in a recent interview. In the Gulf region alone, some $80bn of debt is falling due this year, according to data provider Dealogic.