Building on its reputation as a global city, regional financial centre and showcase of smart technology, Dubai is forging an economic future based on investment in forward-thinking ideas. As part of this strategy, the emirate is set to welcome millions of visitors to Expo 2020, which is aimed at creating an international platform to foster creative thinking on development goals for the MENA...
Intense competition, low penetration rates and a strong bias towards non-life products characterises Dubai’s insurance sector, with ratings agencies agreeing that there is robust medium-term growth potential for the emirate’s underwriters. S&P Global ratings predicts 10% per annum growth in gross written premiums for the UAE insurance sector in 2017 and 2018, compared to anticipated GDP...
A major international centre for Islamic finance, Dubai has more sukuk (Islamic bonds) listings by value than anywhere else in the world. The emirate is also home to Dubai Islamic Bank, the oldest – and third largest – fully fledged Islamic bank. The sector continues to develop rapidly, with local sharia-compliant banks registering faster growth than their conventional counterparts, although...
Dubai is home to some of the Middle East’s largest banks, as well as its major financial free zone. The emirate’s financial institutions have largely recovered from a rise in non-performing loans in the wake of the 2008 financial crisis, and are well capitalised and liquid despite a recent rise in delinquencies in the small and medium-sized enterprise segment. A new bankruptcy law and a...
Dubai’s economy is among the most diversified in the region, thanks to factors such as a highly attractive business environment that has brought in large amounts of foreign investment. Despite producing little oil, growth has been affected in recent years by the knock-on effects of the fall in international oil prices and a consequent slowdown in neighbouring hydrocarbons-dependent territories...
Despite persistently low international commodities prices, Dubai saw steady GDP growth of 3.2% in 2017 and is expected to reach 3.5% in 2018, with an increased drive towards consolidating its position as a knowledge-based economy. The issuance of the Dubai Open Data Law and the creation of Smart Dubai are among the flagship initiatives driving this transformation, alongside the portfolio of...
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