A Critical Analysis of the Role of Dubai International Financial Centre in Making Dubai a Regional Financial Centre
The British University in Dubai (BUiD)
Financial systems play an important role in the economic development of nations. The performance and long-term economic growth and welfare of a country are related to its degree of financial development. The topic of this dissertation started with merely an attempt to compare the financial services provided by financial institutions in Singapore with those in DIFC Dubai. The aim of this research is to critically analyse the role of Dubai International Financial Centre in making Dubai a regional financial centre on par with the best financial centres in Asia. The data for this study was obtained both from primary and secondary sources. Primary data was obtained through a survey, while the secondary data was obtained through publications, statistics, and journal articles. The questionnaire was administered to 50 DIFC stakeholders who as lawyers, government officials, businessmen, bankers and finance managers have first hand information about the working of DIFC and also have expertise in evaluating and comparing the two IFC locations Singapore and DIFC, Dubai. The data collection was analysed to evaluate and compare as to which destination is preferred by stakeholders as their IFC of choice. Based on the analysis the areas in which DIFC is lacking is also discussed and suggestions offered that if implemented by DIFC can help it improve its standing among the global IFCs.
DIFC, Singapore, Dubai, financial services, business environment, financial development, financial products and services