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Dubai Economic Council and Deloitte to launch report on financial sector

Dubai: Dubai Economic Council (DEC) with the strategic partnership of Deloitte Corporate Finance Limited (Deloitte) will launch a joint report, Financial Sector Development for Promoting Investment and Sustainable Growth in Dubai on Monday, March 3 2014, at the Intercontinental Hotel Dubai Festival City.

Hani Al Hamli, DEC Secretary General said that the report is the first of its kind in the UAE and the region. It reviews and presents an analysis of the key factors that could enable Dubai to transform and foster its position as an international hub for trade and finance and attract more investment. A core component of the report is the benchmarking study against other peer international financial and trading hubs that have been successful in attracting investment to unprecedented levels, such as Singapore and Hong Kong. The report also identifies potential gaps that require further development in order to enhance Dubai’s competitiveness and attractiveness of more investment opportunities.

Al Hamli said that Dubai has managed to transform its economy as an example to follow for other countries worldwide. This is in part due to the strategies adopted by the Dubai Government, driving diversification of the economy, enabling expansion of local infrastructure and promoting best service standards.

Dubai’s construction of free zones has helped promote more direct foreign investment in the Emirate. However, to help maintain these achievements, Dubai’s main challenge now is to sustain growth, including the fulfilment of Expo 2020 requirements in line with the pillars of the Dubai Strategic Plan. This requires comprehensive financial sustainability in addition to an enforcement of legal infrastructure, development of business markets, increasing nationalisation rates in the private sector and confronting the challenges encountered by the different sectors.

The purpose of the report, its findings and recommendations, is to provide decision makers in Dubai with a reference framework to help design appropriate policies and strategic plans, which aim to encourage direct foreign investment and consequently fulfil Dubai’s potential economic growth.