Post on 22-Dec-2015
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Financial System Strategy2020
FSS 2020 International Conference
“Dubai International Financial Centre”An Overview, June 2007
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Why Dubai?
Political and Economic stability Proactive government policies aimed at economic diversification and liberalization
Full government support for new global initiatives
Business Centric Recognized as a regional hub with a successful and credible track record No direct taxes on corporate profits/personal income 100% repatriation of capital and profit Diversely skilled, well educated, multi cultural & multi lingual workforce Modern Infrastructure in accordance with the most efficient international
standards. Investment in infrastructure has resulted in lower cost of doing business, logistics and delivery of services.
Modern telecommunication networks and highest internet penetration and utilization rates in the MENA region
A destination of choice for FDI with over 150 multi-national companies of the Global 500, including the Top 10 have an established presence in Dubai.
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TradeLogisticsTransportationTourism
TechnologyEnabled services• Telecom• Media• IT• Energy• Healthcare• Financial
EducationEmerging Sectors
• Biotech• Nanotech• R & D
Short Term Impact Long Term Impact
Horizon 1
“Do w
hat we do best,
better”
Horizon 2
“Apply
core co
mpetencies t
o new
areas”
Horizon 3
Dubai 2015
“Seed in
vestm
ents for fu
ture
competencie
s”Higher impact on Knowledge Economy
Lower impact on Knowledge Economy
Dubai Strategic Plan 2015 – Horizon 1
Source: Dubai International Airport, Department of Civil Aviation Dubai, DP World
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Why Dubai?
Excellent Global Connectivity
World’s third largest active re-export hub after Singapore & Hong Kong
Jebel Ali is the world’s largest man-made port, home to 5,500 companies from over 120 countries
Dubai Ports ranked as 9th Top Container Port Worldwide servicing more than 120 shipping lines with 7.62 million TEUs handled in 2005.
Dubai Airport connecting 113 airlines and serving over 194 destinations In 2006 airport traffic hit 28.7 million passengers; expected to grow to 60 million by 2010
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Why Dubai?
Strategic central location Favourable tax structure Competitive business environment Quality of life Pro-business government Language skills Dynamic business environment Flexibility labour market Advantageous time zone World-class Infrastructure Proximity to existing operation/production site
Dubai is a preferred location for regional and global HQs of many transnational and multinational corporations.
Dubai ranks strong on all relocation measures.
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TradeLogisticsTransportationTourism
TechnologyEnabled services• Telecom• Media• IT• Energy• Healthcare• Financial
EducationEmerging Sectors
• Biotech• Nanotech• R & D
Short Term Impact Long Term Impact
Horizon 1
“Do w
hat we do best,
better”
Horizon 2
“Apply
core co
mpetencies t
o new
areas”
Horizon 3
Dubai 2015
“Seed in
vestm
ents for fu
ture
competencie
s”Higher impact on Knowledge Economy
Lower impact on Knowledge Economy
Dubai Strategic Plan 2015 - Horizon 2
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Cluster Based Economy
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TradeLogisticsTransportationTourism
TechnologyEnabled services• Telecom• Media• IT• Energy• Healthcare• Financial
EducationEmerging Sectors
• Biotech• Nanotech• R & D
Short Term Impact Long Term Impact
Horizon 1
“Do w
hat we do best,
better”
Horizon 2
“Apply
core co
mpetencies t
o new
areas”
Horizon 3
Dubai 2015
“Seed in
vestm
ents for fu
ture
competencie
s”Higher impact on Knowledge Economy
Lower impact on Knowledge Economy
Dubai Strategic Plan 2015 - Horizon 3
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Dubai 2015: Strategy Highlights
Economic Development Aims:
Sustain a GDP growth rate of 11% per annum
Achieve a GDP per capita of USD 44,000
Increase productivity by 4% per annum
Move existing sectors of strength to new frontiers, both domestically and internationally
1 Source: EIU Data
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DIFC Region - A Favourable Economic Environment
• 42 countries spanning the Middle East, North & Eastern Africa, the Caspian and the Subcontinent
• Population of 2.2 billion people (2005)
• US$2.3 trillion combined GDP (2005)1
• Financial wealth of high net worth individuals in the Middle East region is estimated to be growing at 19.7%, surpassing the pace of growth of that in North America, Europe and Asia Pacific.2
• Regional wealth invested abroad: $1.8 trillion
• DIFC Region Total Exports > US$1 trillion (2006)
• DIFC Region Total Imports > US$850 billion (2006)1
2 Source: Merrill Lynch Capgemini World Wealth Report 2006
Meed Projects. Data as of May 24, 2006
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A Window to Regional Opportunities…
High oil prices, increased government spending and abundant liquidity have generated an investment and consumption boom that is stimulating growth in the region.
Regional governments pursuing diversification strategies, adopting economic reforms, state divestment & privatisation plans, resulting in attractive prospects across a variety of sectors.
Projects Planned and/or Currently Underway in the Gulf Region
** Value in USD millions
UAE Bahrain Kuwait Qatar KSA Oman Iran Iraq Total Value
Oil & Gas 32,633 1,110 26,228 59,725 44,605 9,860 54,845 10,155 239,161
Construction 264,501 21,740 170,375 36,326 83,349 10,135 4,275 14,180 604,881
Industry 15,980 2,705 2,130 5,030 10,585 3,450 5,335 1,218 46,433
Power 16,970 1,305 5,632 6,303 23,115 2,610 11,613 2,680 70,228
Petrochemicals 6,350 1,000 4,270 9,720 55,002 7,250 20,240 175 104,007
Water & Waste 2,035 1,070 2,380 1,173 5,500 2,140 560 50 14,908
Total Value 338,469 28,930 211,015 118,277 222,156 35,445 96,868 28,458 1,079,618
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DIFC- Structure
Dubai International Financial Centre Authority
(DIFC Authority)
Dubai Financial Services Authority (DFSA)
Dubai International Financial Centre Judicial Authority
(DIFC Courts)
Registrar of CompaniesRegistrar of Security DIFC Investments
Dubai International Financial Exchange Limited
(DIFX)
HawkamahCorporate Governance
Institute (CGI)
Office of the President of the DIFCheaded by DIFC Governor(Dr. Omar Bin Sulaiman)
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DIFC- Value Proposition
DIFC Courts: Independent
Judicial System
DIFX: Liquid & Transparent
International Exchange
Window to a wealth of opportunities
DIFC Resource Centre:Business Support
Services
A Clear & TransparentLegislationDFSA: World Class
Regulations
A dedicated financial services cluster
Hawkamah Institute forCorporate Governance
DIFC Education Strategy:
Access to Talent
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Sectors of Focus
• Banking Services • (Investment Banking, Corporate Banking & Private
Banking)
• Capital Markets• (Equity, Debt Instruments, Derivatives and Commodity
Trading)
• Asset Management & Fund Registration
• Islamic Finance
• Insurance & Reinsurance
• Business Processing Operations
• Ancillary Services
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A Liquid & Transparent International Exchange
Sydney
Tokyo
International Investors seeking
Regional Investments
Regional Investors seeking International
Investments
International Issuers seeking
Regional Investors
Regional Issuers seeking International
Investors
Liquidity secured through regional and international liquidity providers and market makers
A Platform for…
Data as of January 4th 2007
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DIFC Achievements
ASPs
Insurance Broking & Mgmt
Re-InsuranceBanking Services
Non-Regulated
Asset Mgmt &Fund Registration
Islamic Finance
Zurich
AIG
Alico
JLT Risk Solutions
Takaful Re
Alliance Re
Scottish Re
InjazatCrescent Standard
Arcap InssefUnicorn Inv. BankAmanah Fin. Ser.
SEDCO
Ansbacher
SHUAA Capital
Franklin Templeton
Mellon Global Invs.
Merrill Lynch
EFG HermesDeutsche BankCredit Suisse
HSBCStandard Chartered
Barclays BankCitigroup
Bloomberg
IFC
SWIFT
Dubai Int’l Capital
Moody’s
Schlumberger
Al Tamimi & Co.
KPMG
Grant Thornton
Clifford Chance
Allen & OveryLinklaters
TOTAL=352
for more information please refer to www.difx.ae
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A Strong Ramp Up of Members…
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DIFC
1990
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After 2000
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DIFC District
Gate DistrictGate Village District
Park Avenue
Gate Boulevard
Central District
Park Boulevard
Central Park
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DIFC District
Data based on Internal estimates
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DIFC Population Potential
Population Count 2005 2006 2007 2008 2009 2010
Office Employees 901 4,794 10,501 25,812 34,512 34,932
Retail Shops Employees 23 203 478 1,559 2,768 2,841
Residential Population - - 952 7,006 10,022 10,190
Hotel Employees - - 223 1,739 1,819 1,823
Other Employees - - - 613 707 710
Total 924 4,997 12,154 36,729 49,828 50,496
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A Cosmopolitan District
• A self-contained ultra-modern financial district, housing offices, serviced apartments, hotels, shops and restaurants.
• 4 million square feet of ultra-modern prime office space, designed to meet, and exceed, the demands of the world’s most sophisticated international financial institutions.
• 32,698 underground car parking spaces and an automated transit system which will circumnavigate the entire district.
• World-class infrastructure with access to an excellent and sophisticated telecommunication infrastructure, facilitating easy communication with U.S., Europe and Asia.
• Locating in a dedicated financial services hub with access to reputable professional services and operational support firms, and in close physical proximity to a wealth of business opportunities.
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Financial System Strategy2020