Gulf Financial Centres Becoming Vital Globally, Says IMF

DUBAI - Backed by massive investments by governments in financial infrastructure and huge investment opportunities in the Gulf region, financial centres in the GCC are becoming increasingly important globally, an International Monetary Fund report said on Monday.

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Published: Tue 21 Oct 2008, 9:30 PM

Last updated: Sun 5 Apr 2015, 2:23 PM

IMF’s latest regional economic outlook report for ME and Central Asia said:“The financial centres are becoming increasingly important globally,” the report said and added more than 400 financial institutions operate in Bahrain compared to 170 in 2001, 149 of which are banks with total assets of around $190 billion. It said the Dubai International Financial Centre has registered over 320 companies, of which about half are in financial and ancillary services.

While, the Qatar Financial Centre has licensed 78 companies about two-third of which are in financial services.

“The ability of the three centres to continue growing in importance will depend on improving competitiveness, in particular in financial infrastructure,” report said.

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