GEC NEWS WIRESWIFT-sponsored research identifies opportunity for Dubai to become the financial hub for Middle East and Whole of Africa.
Cass Business School, part of City University London, today published a report entitled ‘Dubai as an International Financial Centre: Threats and Opportunities’. The report, sponsored by SWIFT and published at Sibos, aims to contribute to the body of knowledge on Dubai as an IFC and to lay out a road map for what steps need to be taken in order for Dubai to continue developing towards this goal.
The report outlines the advantages of Dubai’s world class infrastructure, which has already attracted a diverse set of financial services companies. However, it also identifies areas where further work is needed, such as to improve the maturity of its equity and debt markets and its financial infrastructure.
The research, undertaken by Cass Consulting, outlines some additional steps that could help to attract further listings to the exchange and to encourage more foreign investors and financial firms to participate in Dubai’s financial markets. For example, conducting a self-assessment based on the CPSS-IOSCO Principles of Financial Market Infrastructures is an important step to ensure that Dubai’s financial infrastructure adheres to industry best practices.
Alain Raes, Chief Executive, EMEA & APAC, SWIFT, said,“Dubai is growing in importance as a regional hub for trade and finance, and many businesses are building their presence here, SWIFT included. This report is important because it offers timely insights into Dubai’s competitors in the region and how it compares to international financial centres around the world. The report also identifies what Dubai needs to do to achieve its ambitions.”
