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Dubai financial services challenges under spotlight

Staff Reporter / 28 December 2012

The policy of supporting financial sectors by considering the main challenges faced by Dubaiís financial services sector were recently reviewed at a meeting of Dubai Executive Councilís Economic Development Committee.

The procedures and proposed policies to address the discussed challenges was also discussed.

The meeting was held on the premises of the Dubai Executive Council at the Emirates Towers, and presided over by Shaikh Ahmed bin Saeed Al Maktoum, President of Civil Aviation Department at the Government of Dubai, in the presence of Abdulla Al Shaibani, Secretary-General of the Dubai Executive Council.

The financial sector is one of the major issues in the medium-term economic development plan for the period from 2012 to 2015. The local financial services sector is subject to the laws of the UAE Central Bank, Securities and Commodities Authority and the Investment Authority. Dubai International Financial Centre is a free zone for the financial services, which also falls under the legislations and laws of the Dubai Financial Services Authority.

Other issues discussed at the meeting also include the proposed agenda of the committee for next year, which includes the government’s financial policy, intellectual property rights policy, policies of real estate development and attraction and streamlining of investment. Other issues which pertain to boosting the position of the Emirate of Dubai and support of the sustainability of the economic situation were also reviewed.


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