Financial sector development for promoting investment and sustainable growth in Dubai
We are pleased to announce the release of our first Deloitte report in collaboration with the Dubai Economic Council, an institution that plays a major role in supporting the Government of Dubai's economic policy decision-making.
It is generally accepted that Dubai is currently a financial and trading leader within the region by relying less on natural resources and by its successful diversification of key industries, such as travel, tourism, hospitality and financial services. Whilst much has been achieved by the Emirate, there is still room for improvement in terms of enhancing economic performance and achieving sustainable growth, improving overall economic competiveness and attracting foreign investment. Good examples of benchmark city economies, where overall economic performance is at the next level, include Singapore and Hong Kong.
In order to reach the next level of economic performance, several fundamental aspects could be improved, including but not limited to:
- Supporting the creation and growth of SMEs;
- Enhancing the business environment to help corporates grow;
- Improving and diversifying the financial services industry;
- Enhancing capital markets; and
- Strengthening regulation.
The report prepared by Deloitte and Dubai Economic Council benchmarks Dubai versus its GCC neighbours, Singapore and Hong Kong, against each of the above criteria, and explores areas of policy enhancements and recommendations.