European private-equity firms escaped the full effects of the tech collapse that hit their US peers so hard last year. But they could hardly escape the atmosphere of panic and have trimmed their sails, avoiding riskier start-up-style ventures and giving more attention to buy-outs and blue-chip companies’ disposals of non-core businesses.

It was a pleasant and unexpected surprise. On May 30 in a boardroom showdown between president Vladimir Putin and Rem Vyakhirev, the chief executive officer of Gazprom - Russia's gas monopoly and what the Russian press likes to call a state-within-the-state - Putin ousted what one investor calls "one of the more encrusted of Russia's vested interests".

Euromoney asked Wafic Rida Said, businessman and chairman of the First Saudi Investment Corporation, to offer some thoughts on the opening up of Syria.