The banking sector in Dubai is part of the wider federal system covering the UAE, as banks from all seven emirates are authorised to operate across the country. The list of licensees is long, and banks are typically well capitalised and – in the current economic climate – keen for quality credit opportunities, creating a highly competitive environment.
The Dubai Gold and Commodities Exchange (DGCX) has seen strong expansion of forex trading activities in recent years, driven by growth in Indian rupee futures and a successful diversification strategy. In a bid to capture a larger share of global forex trade, the exchange launched several new products in 2014, including diversified rupee instruments and new emerging...
The administration of Sharjah, one of the UAE’s seven emirates, continued to implement its long-term economic plan in 2014, with major progress points including the government’s first international sale of sukuk, the sharia-compliant equivalent of bonds, and a partial opening of the real estate sector to foreigners. Efforts are ongoing to enhance...
The adoption of a technique called performance-based budgeting (PBB) could help Dubai’s government boost its efficiency, fulfil a government-wide mandate to leverage information and communications technology, and get the most out of its public spending. This process has the potential to save millions of dirhams, essentially by helping to anticipate costs more accurately...
Strong fundamentals and a diversified economy are keeping concerns at bay in Dubai, despite a potential cooling of investor sentiment across the region and weakening global conditions. Dubai announced a balanced budget for 2015 at the start of January, as it plans to increase spending by 9% year-on-year, with spending and revenues both projected at Dh41bn ($11.2bn),...
Developing small and medium-sized enterprises (SMEs) is a priority for the Dubai government. As in many developing countries, these businesses account for the bulk of commercial establishments — about 95%, according to government figures. However, while they employ 42% of the workforce and account for 40% of the total value added in the economy, they are not seen as a...
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