Dubai and UAE could cash in on shift in capital flow

Dubai: The current shift in global capital flows gives Dubai and the UAE an opportunity to strengthen its position as a global economic and financial hub, said Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC).

In a keynote discussion with Stephen Green, Group Chairman of HSBC Holdings at the second World Financial Centres Summit in London, Bin Sulaiman said: "As well as presenting challenges, the effects of the global financial crisis will potentially open up opportunities that were unthinkable only a few months or even weeks ago."

One of the year's most important high-level gatherings of policymakers and strategists, the World Financial Centres Summit was held in London from October 20 to 21.

Organised annually by the Financial Times in partnership with the DIFC, the summit brought together senior financial executives, corporate decision-makers and regulatory and government officials to discuss issues impacting financial centres around the world.

Access to hope

Bin Sulaiman also said DIFC is taking up a strategic project to strengthen links between emerging markets.

"We are part of the global community, we are learning and we are aware. We are taking proactive measures to continue our growth, we will continue to manage and assess our strategies, and we will make adjustments according to our needs. Hope in the global financial sector is with emerging markets. Dubai and UAE give access to hope."

Speaking about the minimal impact of the financial crisis on Dubai, Bin Sul-aiman said: "The drivers of Dubai's growth, the 'Dubai' model, remain strong: openness, excellent infrastructure and logistics, a world-class regulatory framework, strong macroeconomic fundamentals, and knowledge clusters that attract foreign direct investment, companies and people. Those drivers, supported by a strong banking and financial sector along with a clear vision and the will to succeed will enable Dubai to weather the storm."

Bin Sulaiman also spoke about the recent measures by the UAE leaders and the government to protect the economy and ensure its continued growth.

Themes for discussion at the summit include a new balance for world capital flows, the future of global financial centres, the challenges to the world financial system; the race for talent; the regulatory system; and new strategies for investment banks and private equity.