UAE: Dubai

The financial services industry in Dubai is a major economic driver for the emirate, and the Islamic segment is no exception. In addition to the emirate’s Islamic banks and takaful (Islamic insurance) providers, since July 2015 it is also the largest centre for sukuk (Islamic bond) issuance in the world, with $36.7bn in sukuk listed on Dubai’s exchange. The drop in crude oil prices in 2015 may...

The banking sector is a pillar of Dubai’s economy, having provided the basis for development over the past decade. The banks serve as conduits that link Dubai to 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 in Dubai appears to be in the midst of transition, with...

Dubai’s economy is the result of a decades-long pursuit of diversification which has brought evolution into a variety of offerings – including services, finance and trade – that has made the emirate a cross-continental meeting point for commerce. Dubai has felt the impact of the fall in crude prices since mid-2014, but it now has sectors that can thrive regardless of oil market conditions....

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 projects worth some Dh300bn ($81.7m) in the...