HSBC is potentially one of the banks most exposed to debt issues in Dubai, having made $17 billion (£10.3 billion) of loans to companies in the Middle Eastern emirate.

Yesterday, Dubai World provoked concern on markets across the world by asking for more time to pay off its $59 billion (£35.8 billion) liabilities.

According to Bloomberg, Royal Bank of Scotland is also embroiled in the difficulties, having arranged $2.3 billion (£1.4 billion) of Dubai World’s loans.

Because of the involvement of many banks in lending to Dubai firms, the current problems could have a negative impact on finance graduate jobs in the UK.

It is possible that if banks are delayed in attempts to recoup their money, the number of places on finance graduate schemes could be cut to save on costs.

Banks have run into difficulties elsewhere in the Middle East, with a dispute between two Saudi Arabian firms delaying payment of more than $20 billion (£12 billion) of debts to various banks.

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