Capital Markets

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.