Opportunities for Dubai as IFC highlighted
Dubai, September 17, 2013
Dubai’s infrastructure advantage which has attracted a diverse set of financial services companies was highlighted in a recent report.
The report entitled ‘Dubai as an International Financial Centre: Threats and Opportunities,’ by the Cass Business School, part of City University London, also identified areas where further work is needed, such as to improve the maturity of its equity and debt markets and its financial infrastructure.
It was sponsored by the Society for Worldwide Interbank Financial Telecommunication (Swift), a member-owned cooperative that provides financial messaging for banks, securities institutions and corporate customers and has been published at Sibos 2013, Dubai which runs till September 19.
The report aims to contribute to the body of knowledge on Dubai as an IFC and to lay out a road map for what steps need to be taken in order for the emirate to continue developing towards this goal.
Professor of finance Steve Thomas said: “Dubai is becoming increasingly important as a financial and trading entrepôt for the Middle East and Whole of Africa (Mewa), with its strong recovery from the financial crisis testimony to its energy and creativity.
"The continuing strengthening of institutions and markets is key to securing ongoing progress at a turbulent time for both the region and the global economy.”
The research, undertaken by Cass Consulting, outlines some additional steps that could help to attract further listings to the exchange and to encourage more foreign investors and financial firms to participate in Dubai’s financial markets. - TradeArabia News Service