While in 2015 the world’s emerging countries and fastest-growing economies suffered due to low commodity prices and currency depreciations, Dubai still enjoyed steady GDP growth at around 4% and an increased drive towards consolidating its position as a knowledge-based economy. With a well-diversified model and a set of transformation-oriented...
The economic narrative of Dubai has shifted in recent years, from passage through its first financial crisis as a major player in the global economy to a more forward-looking version of itself.
The eagerly anticipated public-private partnership (PPP) law came into force in November 2015, ushering in what could be a new era in infrastructure development. The idea is to empower investors, both foreign and domestic, to take a bigger long-term role in financing and operating large projects. The law is expected to have an immediate impact...
The past 15 years have seen major advances in capital markets activity in Dubai. The financial sector free zone, the Dubai International Financial Centre (DIFC), has gone from idea to reality, and the emirate recently became the world’s largest market for sukuk (Islamic bonds). However, development has been uneven across types of...
Dubai’s position as a centre of trade is likely to pay off again in the next few years as the deal between Iran and Western powers results in the reintegration of the country into the global economy. Located just across the Gulf, Dubai is already a conduit for goods in and out of Iran. The question now in the emirate is what opportunities will...
The banking sector is a pillar of Dubai’s economy, having provided the basis for the development in the past decade. The banks serve as conduits that link Dubai to the regional and global economies, and their publicly traded shares are one of two main drivers of the local stock market along with real estate stocks. For now, the banking sector...
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