The UAE operates the most decentralised system of government finances in the world, according to the IMF. Under the fiscal model, the national government pays for federal infrastructure, including major roads passing through multiple emirates, as well as spending on social services such as health, education and housing, with emirate-level...
Small and medium-sized enterprises (SMEs) dominate Dubai’s economy, accounting for around 95% of companies operating in the emirate, according to Dubai SME, the Dubai Department of Economic Development’s SME agency. They also generate nearly 40% of the economy’s value added and 42% of employment. The value-added figure breaks down into a...
Dubai is home to the region’s principal financial free zone, the Dubai International Financial Centre (DIFC). The zone hosted 1648 registered companies in 2016, including 447 financial services firms. The zone also hosts the Nasdaq Dubai stock exchange, which lists the largest amount of sukuk (Islamic bonds) in the world, with a...
The number of sovereign wealth funds (SWFs) operating in the GCC has grown in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in March 2017, according to the Sovereign Wealth Fund Institute (SWFI), representing 38.5% of the global total....
The UAE is a major international centre in the global Islamic economy, and Dubai is key for Islamic finance in particular, hosting the stock exchange with the largest listing of sukuk (Islamic bonds) by value, as well as one of the world’s largest Islamic banks. The emirate has been seeking to further expand its sharia-compliant economy...
Despite persistently low international commodities prices, Dubai saw a 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...
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