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Financial Sector Development for Promoting Investment And Financial sector development for promoting investment and sustainable growth in Dubai 2 | Deloitte GCC powers of construction 2012 | Five lessons to learn from Contents Foreword 10 Acknowledgement 11 Executive summary 12 Macroeconomic performance 21 Dubai’s financial and trading performance to date 25 Promoting investment - benchmarking analysis 31 References 58 Financial sector development for promoting investment and sustainable growth in Dubai | 3 4 | Financial sector development for promoting investment and sustainable growth in Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai Financial sector development for promoting investment and sustainable growth in Dubai | 5 His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council 6 | Financial sector development for promoting investment and sustainable growth in Dubai His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai Financial sector development for promoting investment and sustainable growth in Dubai | 7 His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group 8 | Financial sector development for promoting investment and sustainable growth in Dubai The world’s financial landscape has been changed Consequently, the Government of Dubai, under the fundamentally over the last few years. Lessons drawn guidance of His Highness Sheikh Mohammed bin Rashid from the global financial crisis point to the pressing Al Maktoum, Vice President Prime Minister of the UAE need to have an innovative financial architecture that and Ruler of Dubai, has fostered the process of financial not only acts to provide adequate finance to businesses, development in order to transform the Emirate into a but is also effective, timely and predictable that vastly regional financial hub with a highly integrated financial enhances stability, wealth, social well-being, and system. It has also adopted rational fiscal policies in bar environment sustainability, helping to secure long-term with the federal financial framework. Fu rthermore, the growth for the local economy. Government has consolidated the financial institutionary framework, with the Dubai International Financial The recent two decades have confirmed Dubai as a Centre (DIFC) being the center of this scene. The DIFC business capital of the UAE, thanks to its outstanding has been instrumental in connecting the Middle East, economic growth performance, which has been the Africa and South Asian markets with the developed result of a deliberated policy aimed at turning the markets of Europe, Asia and the Americas, by providing Emirate into a regional financial center at the same the necessary supporting framework. development level as Hong Kong or Singapore. This comprehensive development policy aims at integrating Moreover, the Government of Dubai has formed the Dubai in the world economy and transforming it into an ‘Supreme Committee of Fiscal Policy’, which is attractive hub for investment and business. mandated to enhance the financial sustainability in Dubai. However, in order to sustain its unprecedented economic growth, Dubai’s next challenge is to continue Against this backdrop, this report guides all stakeholders to develop its business environment, soft infrastructure in Dubai’s economy, particularly in the financial sector, and regulatory framework as underpinned by the Dubai to consider the critical success factors for their Strategic Plan 2021. The aim is to promote the city at businesses. the forefront of global competitiveness and innovation, in addition to positioning itself as the global capital of Finally, I would like to congratulate Dubai Economic Islamic financing, and meeting the pre-requisites of a Council (DEC) and Deloitte Corporate Finance Limited successful Expo 2020. This entails, among other factors, for their successful strategic partnership in producing fiscal consolidation and budgetary reforms, streamlining this report. the regulatory framework, reforming the labor market and enhancing productive job opportunities for nationals and addressing sector-specific challenges. Sheikh Ahmed bin Saeed Al Maktoum Financial sector development for promoting investment and sustainable growth in Dubai | 9 Foreword We are delighted to announce the release of the the plan: consolidation, sustainability and high “Financial sector development for promoting investment productivity growth. Moreover, the recent and and sustainable growth in Dubai” report. potentially transformational initiative of “Dubai as a Capital of Islamic Economy” hinges on turning Dubai The report is being released at an exciting time for into an international hub for conventional and Islamic Dubai following the recent win of hosting the World finance alike. Expo 2020 which will ensure the attraction of millions of visitors and promote investment. The World Expo This report focuses on the key factors that would enable represents a platform for sharing global ideas, Dubai, as a financial and trading hub, to reach the next innovation and sustainable growth. Additionally, the level in terms of sustainability and competitiveness, in MSCI announcement earlier this year to upgrade the order to attract investment at the regional and global UAE exchanges to emerging market status has boosted stage and promote export-oriented growth, yespeciall investor confidence and improved market activity. in skill-intensive SMEs that could generate opportunities Dubai is an economic and trading leader in the region, for nationals. In addition to financial sector development diversifying its economy successfully and investing issues, the report also analyses other related areas of heavily in key industries, such as real estate, public policies, such as, promoting capital markets, infrastructure, financial services and tourism which have further enhancing the regulatory system, developing contributed to Dubai’s impressive growth the business trading system and increasing the rates over the last decade. competitiveness of SMEs. Finally, the report makes a number of policy recommendations that would support Dubai has succeeded in building an impressive physical Dubai’s growth journey. infrastructure within a short period of time, which has enabled extensive development of a wide range of economic activities. However, in order to sustain its economic growth and competiveness, Dubai’s next challenge is to continue to develop its soft infrastructure and regulatory framework underpinned by the Dubai Strategic Plan 2015 and the UAE 2021 vision. Financial sector development is one of the key pillars for achieving the three overarching objectives of H.E. Hani AI Hamli Humphry Hatton Secretary General CEO, Deloitte Corporate Dubai Economic Council Finance Limited, Middle East Region 10 | Financial sector development for promoting investment and sustainable growth in Dubai Acknowledgement The Dubai Economic Council (DEC) would like to extend We are appreciative to Dubai Statistics Center for its sincere thanks and appreciation to Deloitte Corporate providing us with the most updated numbers on Dubai’s Finance Limited for sharing our vision and subsequently economy that helped in drawing the most accurate joining us in the conceptualisation, design and writing picture of its current position. We are grateful to Dubai of this policy report that we hope to maintain as a Financial Market, HSBC, Emirates Islamic Bank, Dubai regular annual report to be jointly produced by the FDI at the Dubai Department of Economic Development, two institutions. Commercial Bank of Dubai, Emirates Investment Bank, Emirates NBD and P Jain School of Global Management Deloitte availed its international experts, who for participating at a closed-door seminar aimed at collaborated with the DEC staff in a cooperative and engaging stakeholders and experts to provide their complementary way that allows the two technical feedbacks to further enhance the report before the teams to augment their respective comparative launch event. The participants provided important advantage. In particular, DEC technical staff brought remarks, which contributed substantially to the revision their expertise on public policy and the macroeconomic of the draft. issues of Dubai to complement those of Deloitte’s operational knowledge of financial markets and Dr. Ibrahim Elbadawi, Director of Macroeconomics & benchmark economies. Forecasting at DEC, supervised all stages of the project and led the DEC team, which includes the project I would like to extend my gratitude to Her Excellency coordinator Ms. Dhuha Fadhel who also contributed Sheikha Mona Abdullah Al Moalla, DEC Chief Operating to the report; Dr. Ali Al Sadik and Dr. Mohamed Trabelsi Officer, Strategic Planning and Operations, for her role for their valuable contributions. Mr. Irfan Al Hassani in creating the motivating work environment for the proofread the original manuscript and provided staff and enabling the timely completion of this report. substantive comments. Mr. Mohamed Al Sayed and Dr. Abdulrazak Al Faris, DEC’s Chief Economic Ms. Dana Al Qatawneh helped in the media plan and Counselor, revised the report during its various stages invitation letters. and provided valuable comments. Last, but not least, I would also like to express my Special thanks go to the Deloitte technical team: Messrs. sincere gratitude to all 'other' DEC and Deloitte staff
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