For the time being, Saudi Arabia's stock market remains almost entirely closed to international investors.
However, that has done little to prevent banks from hiring staff and redrawing their strategies in anticipation of the kingdom easing restrictions on access to its capital markets, the largest in the Middle East.
With a degree of giddiness, some banks have speculated publicly that the long-awaited opening could happen as early as next month.
Amid sagging volumes on local equity markets, the Dubai International Financial Centre is buzzing with excitement about developments in the UAE's larger neighbour. VTB Capital, an investment bank controlled by the Russian government, has hired four investment bankers to focus on the Saudi stock market from Dubai.
Among them is Ali Salaam, a former executive director at Credit Suisse.
The opportunities for international banks as Saudi Arabia opens are substantial, said Khalid Murgian, an executive director at Goldman Sachs Asset Management.
"We love open markets, and would appreciate the opportunity to set up a Mena [Middle East and North Africa] fund to have direct exposure to Saudi Arabian equities," he said.
At present, international investors can access Saudi Arabia's market only indirectly by using instruments that mimic the performance of the underlying shares.
Lacking the ability to receive direct investment from international fund managers, Saudi Arabia does not feature on the MSCI Emerging Markets or Frontier Markets indexes.
Nonetheless, the kingdom's exchange commands much higher levels of trading activity than languid UAE markets.
The value of shares traded daily on the Tadawul All-Share Index has hovered at about US$1.5 billion (Dh5.51bn) to $2bn during the past few months.
Even during the peak of the boom in 2007, traded values on the Dubai Financial Market rarely touched those highs.
Saudi Arabia's Capital Market Authority recently approved the listing of international companies on the Saudi market, setting many speculating that an opening was imminent.
Auxiliary financial services companies have also increased their focus on Saudi Arabia.
The market data giant Thomson Reuters is betting on a potential Saudi opening leading to high demand for its trading platforms, said Samer Abuzahra, the group's head of Mena equities. Saudi Arabia is a key focus for the group's sales on the Autex trading network order routing platform.
"We're hearing a lot about regulations easing up on foreign investors. Once they can start trading, the international players will need means to communicate these orders to Saudi," Mr Abuzahra said. "We're trying to meet the requirements of international players." The company is seeking to supply the Saudi Tadawul's top 10 brokers.
International investors have sought to reap gains from a vast government spending drive, announced at the height of the Arab Spring last year in an effort to stave off social unrest. The Saudi Tadawul has gained 6.8 per cent since the start of the year.
Speculation about a potential Saudi opening has also been a factor driving gains on the Tadawul since the start of the year, according to a report from InvestAD.
The asset manager believes that the market could be opened by the second quarter, or at least before the end of the year.
twitter: Follow our breaking business news and retweet to your followers. Follow us