The UAE as a regional financial hub CH 8. The UAE as a regional financial hub.

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Presentation transcript:

The UAE as a regional financial hub CH 8

The UAE as a regional financial hub

UAE is the destination of choice for many 1.business sectors 2.Information Technology 3.Banking and Financial 4.Shipping and transportation 5.Oil & Gas 6.Media 7.…and more

The UAE as a regional financial hub

As of 2013, Dow Jones International Financial Centers Development Index the top ten

The UAE as a regional financial hub The Global Financial Centers Index

The UAE as a regional financial hub

Limited liquidity of Stock Markets Small economies Family based businesses not ready for transparency Lack of integration of regional stock markets Ineffective Public enterprise reform and privatisation Mismatch between labor skills and market needs No database of skilled educated labor for recruitment Political System Inadequate reform of state and its institutions Insufficient liberalization of trade, investment and prices Unsatisfactory labor market reforms Corruption The usual suspects

What we need to increase the flows Integration of regional financial markets Improved quality of government services Elimination of red tape Elimination of corruption Enabling legal and regulatory environment

The Action Plan Develop clear investment promotion laws consistent with international best practice Create single central agency responsible for FDI Ensure sound regulatory framework to protect investor rights Introduce reforms on company legislation

And a new philosophy The promotion of entrepreneurship: Business plan competitions The creation of new financial instruments: Private and enterprises. Supportive role of joint agencies : Share expertise Extensive role of knowledge management: Research and teaching of entrepreneurial economics and finance

Global endorsement “Good infrastructure and a business-friendly environment, particularly in the free trade zones, have made the UAE a very attractive place to invest for companies wishing to serve the growing markets of the Middle East, North Africa and Asia.” Source: IMF Country Report-United Arab Emirates, Article IV Consultation