May 2002
Dubai seeks to build regional financial lead
Dubai is moving fast to develop an international financial centre with strategic links to western markets. Its plans are ambitious but UAE regulatory problems, regional rivalries and simmering political tensions might prove to be stumbling blocks.
DUBAI'S PLANS FOR the development of its financial sector have
taken a new step forward with the appointment of Ian Hay Davison to
head the regulatory council of a proposed international financial
centre.
The grandeur of the design, which envisages a capital market as
well as insurance, offshore banking and Islamic banking centres, is
typical of the approach Dubai has adopted in efforts at modernizing
and diversifying its economy. While other Gulf states anguished
over the need to provide investable opportunities for local and
international money, Dubai has moved characteristically rapidly
since the announcement of the project last November.
As well as the appointment of Hay Davison, a former chief
executive of the Lloyd's of London insurance market and sometime
managing partner at Arthur Andersen, a shortlist of three has been
drawn up for the post of chief commissioner responsible for
regulation and enforcement. An appointment is expected in a couple
of months. ...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe