Dubai – an emerging and innovative offshore financial centre
Dubai – an emerging and innovative offshore financial centre

Summary/Abstract: Dubai – a city and region in the United Arab Emirates (UAE) – has recently joined the group of specific economies oriented towards foreign capital, namely has become an emerging offshore financial centre. Thanks to the business-friendly environment, Dubai has attracted a lot of innovative projects financed by foreign capital, which has become a crucial factor in the recent development of the city and region. Consequently, during last decade FDI inflows into the United Arab Emirates have achieved the highest level in the history. FDI boom has resulted in the improvement of the UAE’s investment position and in the growth of services’ role in export. In result, the economy of the UEA has become more diversified; however, the petroleum sector still plays a significant role. Moreover, the United Arab Emirates has marked their position in the international finance. Dubai participates in competition among Asian OFCs. It can compete in alluring FDI with Hong Kong and Singapore as well as with emerging Pacific OFCs.

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