Dubai is at the frontier of leading financial markets, study by Dubai Competitiveness Office shows

Regulatory reforms, partnerships and futuristic initiatives have enabled Dubai to evolve a competitive financial market ecosystem

  
Dubai is at the frontier of leading financial markets, study by Dubai Competitiveness Office shows
  • Financial markets in Dubai well-positioned to enable capital flows, business growth and economic development

Dubai: Innovative initiatives and partnerships along with a series of regulatory reforms have placed the financial markets industry in Dubai at the frontier of global financial centres, shows an analysis of the financial markets in the emirate conducted by the Dubai Competitiveness Office (DCO) in Dubai Economy.

Citing the example of the Dubai International Financial Centre (DIFC), which has consistently ranked amongst the top 15 global financial centres in the last five years, and innovative trends visible in Dubai, the analysis reveals that the financial market ecosystem in the emirate is well-positioned to enable capital flows, business growth, and economic development.

The analysis, summarised in the 3rd Volume of the Policy Briefs Series of DCO, seeks to provide a structured and systematic assessment of the competitiveness of the financial markets in Dubai with specific focus on four dimensions: financial market efficiency, financial market regulation, financial management, and financial centres.

“Financial markets have a key role in supporting competitiveness of a society. The progressive vision of the leadership in Dubai as well as the far-reaching initiatives and policy reforms being introduced progressively has enabled Dubai’s financial markets industry to achieve a formidable position globally,” said Hani Al Hamli, Manager of the Dubai Competitiveness Office.

An analysis of international indicators, from reports such as the World Economic Forum Global Competitiveness Index, and IMD World Competitiveness Yearbook, shows that Dubai has achieved the 11th rank in the Stock Market Index, 13th in Protecting Minority Investors, and 19th in Mergers & Acquisition Activity, globally. The progress and performance of Dubai on global indices reflect the focus of the leadership on financial sector development, innovation, and strategic partnerships as well as collaborations.

The superior performance of DIFC, which was ranked 12th among the financial centres worldwide in March 2020, can be attributed to its robust business environment, and strategic focus on talent development, reputational advantage, and financial sector development.

Key regulators including the Dubai Financial Market, Dubai Financial Services Authority, and the UAE Central Bank have implemented a series of reforms to be aligned with the best globally.

With Dubai’s vision to grow the Islamic economy, Nasdaq Dubai has now emerged as the global sukuk capital of the world, boasting the highest value of listed sukuks amongst all the leading Islamic capital centres of the world.

The policy paper covers key innovative trends in financial technology (FinTech) that are shaping financial market models in Dubai. Dubai has led the way in supporting innovative FinTech trends, as evident in the establishment of the FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia region, located within DIFC.

“Dubai has proactively promoted technology adoption across all walks of life as part of enhancing competitiveness and future-readiness,” said Al Hamli. “The emphasis on futuristic FinTech trends is also supporting the efforts of Dubai to harness digital innovations, such as blockchain, mobile banking, e-Commerce, and peer-to-peer lending, to accelerate the smart transformation of its economy and society.”

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases