Dubai emerges as new Asia finance hub, DFSA says

Dubai: Dubai Financial Services Authority (DFSA) chairman Saeb Eigner said Chinese, Japanese and Indian banks topped the asset lists at Dubai International Finance Centre (DIFC), marking a shift in global trade to Asia.

Speaking at the Asian Financial Forum (AFF) in Hong Kong, Eigner said, “Trade between China, the Middle East and much of Africa is now being financed through Dubai.”

He added that financial markets across the continent were becoming more integrated, and said Dubai’s role as a clearing house for yuan renminbi was growing.