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Revenues from shopping malls and retail outfits reached $626m in the first nine months of 2013, 22% higher than the same period of 2012. Out of 323 major international fashion retailers, more than half, maintained an outlet in Dubai in 2013, and the emirate is considered by one agency to be second only to London in importance for global fashion retail. Though Dubai was undoubtedly delighted with the acclamation of being named second only to London as the world’s most important home of international brands, the emirate will have top spot in its sights – especially if it can clear the final hurdle by 2020. The entrenchment of global branding and resultant potential is palpable in the retail sector. This chapter contains an interview with Colm McLoughlin, Executive Vice-Chairman, Dubai Duty Free.

The total number of visitors to Dubai in the first nine months of 2013 was 7.9m, and the emirate has set itself a target of reaching 20m visitors per year by 2020. The emirate received a major boost towards achieving this goal when its bid to host World Expo 2020 was accepted in November 2013. Of the anticipated 25m World Expo visitors between October 2020 and April 2021, it is forecast that around 70% will be from outside the UAE. The energy going into providing facilities for tens of millions of foreign visitors is relentless and looks set to continue over the coming years, with endeavours to improve the offerings for sport, MICE, cultural and medical tourism all working to make the emirate a desirable destination for tourists. This chapter contains an interview with Helal Saeed Al Marri, Director-General, Department of Tourism and Commerce Marketing, and CEO, Dubai World Trade Centre.

With the population forecast to grow to 3m by 2020 and 25m attendees expected for World Expo 2020, the emirate is focusing on boosting transport options. Aviation and public transit are due for major expansion: the metro is set to increase to more than 422 km by 2030, a tramline is due to begin initial operations in late 2014, and airlines are also dominating the sector as Dubai’s ideal location for transit of passengers is further exploited by both Dubai International and Al Maktoum International Airport. The performance of Jebel Ali Port, the ninth-biggest container terminal in the world, continues to impress, and its ability to handle ships of any size, whether in existence or on the order book, will ensure its continuing ability. This chapter contains interviews with: Sultan Ahmed bin Sulayem, Chairman, DP World and Ports, Customs and Freezone Corporation; Mattar Al Tayer, Chairman and Executive Director, Roads and Transport Authority; and Ghaith Al Ghaith, CEO, flydubai.

Though overcrowded, the UAE’s insurance market is underpenetrated by Western standards, and there is ample room for growth. Driven by an expanding expatriate population, the market is projected to grow 10% in 2014, and anticipated regulatory changes could further boost premium growth in the medium term. Most notably, a boost is expected to come from the introduction of mandatory medical coverage. The market leaders are the best equipped to capitalise on future demand, but with more prudent regulation, many smaller players in the field may also be able to benefit from premium growth without compromising their profits.

The Islamic financial services (IFS) industry has grown increasingly popular in recent years, with worldwide assets totalling $1.8trn in 2012 and forecast to top $2trn by the end of 2014. Having already established a reputation as a leading regional financial centre with abundant liquidity, Dubai has emerged as a major beneficiary of the IFS growth story. Sharia-compliant project financing, asset management and pension products are other segments poised for growth in the coming years. To realise the full extent of this potential, developing a solid regulatory framework and pursuing harmonisation of sharia-compliance standards at the national, bilateral and global levels will be key for Dubai. This chapter contains a roundtable with Adnan Chilwan, CEO, Dubai Islamic Bank; Jamal Saeed bin Ghalaita, CEO, Emirates Islamic; and Hussain Al Qemzi, CEO, Noor Bank.

Driven by enhanced liquidity in the banking sector, rising property prices and an overall improvement in the domestic economy, Dubai’s capital markets began 2013 in full recovery mode. The Dubai Financial Market is a largely retail market at present, but it is preparing for a surge in institutional trading activity and an influx of foreign investment as a result of the MSCI index upgrade to “emerging market”. Although the UAE will not officially be included in the MSCI index until May 2014, the news alone put the country’s three equity markets, which have an estimated $7trn in assets under management, on the radar of global institutional investors. This is expected to boost liquidity and broaden the investor base of exchanges. This chapter contains interviews with Essa Kazim, Chairman, Dubai Financial Market, and Governor, Dubai International Finance Centre; and Gerald Hassell, Chairman and CEO, Bank of New York Mellon.