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Dubai: rapid development of the International Financial Centre

Dubai: rapid development of the International Financial Centre

It seems to be amazing how fast Dubai has developed as International Financial Centre over the recent decades, taking into account that the city had been unknown as a business centre not so long time ago. Now Dubai is one of the world’s main cities for carrying on business, as it has a pro-business government, the entire necessary infrastructure and reliability. It is expected that by 2024 more than 1,000 of the world’s most successful financial firms will be encouraged to move to Dubai that will increase DIFC threefold. Their overall balance sheet will be about $400 billion with 50,000 employees.

The “south corridor” will stimulate fast growth of the city for the following 10 years. It implies cooperation of Dubai with Africa and Asia that are overlooked in terms of business activities in comparison with America and Europe.

One more impetus for general growth lies in the fact that the existing clients will assert their strengths in spheres of banking and wealth management. Such financial market participants as SME business, family business and Islamic finance will also contribute to the Dubai’s growth.

Thus, taking into account the DIFC’s intention to create and offer the high quality property and infrastructure, it becomes is obvious that the government has clear vision of the Emirate’s development for the next decades.

Today, DIFC has just to keep its developing to implement all these expectations. Lately, the growth indexes of DIFC ranged between 14 and 18 per cent. The inexactness is due to the difference of the used measure. Today, DIFC keeps on growing at the current pace.

Despite the possible decrease of activity in emerging markets reported by the World Bank, it will not change the economical positioning towards the East. China and India support their economic development by means of their consumer markets and it will allow demographic dividend remain constant.

Dubai can be considered as a bridge to the East that is attractive for members of DIFC from Europe and America. That is why it is also necessary to notice the importance of DIFC for different markets.

Dubai does its best to get the leading economic position in the region and it is on the right way to become the major International Financial Centre.

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