Supported by regulatory reforms, partnerships and future initiatives
Dubai Competitiveness: The emirate leads the global financial markets
Hani Al Hamli: "Dubai's progress and performance on international indicators reflect the leadership's focus on developing the financial sector."
An analysis of the competitiveness of Dubai's financial markets, conducted by the Dubai Competitiveness Office at Dubai Economy, showed that innovative future initiatives, partnerships and a series of regulatory reforms enabled the emirate's financial market industry to be at the forefront of global financial centers.
The analysis - which was evidenced by the classification of the Dubai International Financial Center among the top 15 global financial centers in the past five years, and the innovative trends in the Emirate of Dubai - confirmed that Dubai's financial markets are in a good position to enable capital flows, business growth, and economic development.
Hani Al Hamli, Director of the Dubai Competitiveness Office, said, "The financial markets play a major role in supporting the competitiveness of societies," noting that "the advanced vision of rational leadership in Dubai, as well as the long-term initiatives and policy reforms that are gradually introduced, have enabled the market industry. Finance in Dubai is able to achieve a prominent position in the world.”
He added that "the analysis of international indicators from reports such as the Global Competitiveness Report of the World Economic Forum and the International Institute for Management Development's Global Competitiveness Yearbook, indicated that Dubai ranked 11th globally in the stock market index, 13th in protecting the rights of minority investors, and 19th in the Merger and acquisition activity worldwide.
Al Hamli stated that the progress and performance of the Emirate of Dubai on global indicators reflect the leadership's focus on developing the financial sector, innovation and strategic partnerships, in addition to common aspects of cooperation, noting that the superior performance can be attributed to the Dubai International Financial Centre, which ranked 12th among financial centers around the world. In March 2020, to the attractive business environment, strategic focus on talent development, high reputation, and the development of the financial sector.
Al Hamli stated that the main regulators, including the Dubai Financial Market, the Dubai Financial Services Authority and the Central Bank, have implemented a series of reforms to be in line with the best in the world, pointing out that with Dubai's vision to develop the Islamic economy, Nasdaq Dubai has now emerged as the capital of global sukuk In the world, it boasts the highest value of Sukuk listed among all the leading Islamic capital centers in the world.
He explained that «the policy brief also covers the main innovative trends in financial technology, which shape the financial market models in Dubai, as the emirate has led the way in supporting these trends as evidenced by the establishment of (FinTech Hive), the first and largest financial technology accelerator in the Middle East, Africa and South region. Asia, which is affiliated with and located in the Dubai International Financial Centre.
embracing technology
Director of the Dubai Competitiveness Office, Hani Al Hamli, said that "Dubai has proactively promoted the adoption of technology in all aspects of life as part of enhancing competitiveness and preparing for the future, and the focus on future financial technology trends, across the city's financial markets, also supports Dubai's efforts to harness digital innovations." such as blockchain technology, mobile banking, e-commerce, and peer-to-peer lending, to accelerate the intelligent transformation of its economy and society.”
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