Dubai’S Diversification Strategy

Dubai’s Diversification Strategy in the Service Sector Julia Stohlmann and Francesco Grosso

Service sector Part 2 ,[object Object],[object Object],[object Object],[object Object],[object Object]

The strategic diversification process of Dubai’s economy as a reaction to the forecasted hydrocarbon exhaustion Emerging The key to growth is the creation of mutually reinforcing industry clusters, in which activity in one area stimulates investment and production in others. National Context: Strengths and Weaknesses National Response/Goal Evaluation of Response/Goal ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Regulatory Body Dubai Financial Service Authority (DFSA) DIFC = regional capital market & state run, financial free-trade zone (opened in 2004) Mainly private banking-large pool of money from oil & gas exports-attracts foreign banks Dubai’s Financial Service Cluster Local & Regional Banks Local firms, banks etc. access stock markets via DFM, or Abu Dhabi Securities Market (ADSM), DFM comprises 24 public- stock companies, with a total market capitalization of AED 316 billion. Reluctance to switch to NASDAQ Dubai- more stringent regulatory requirements. International Banks & Insurance Companies (over 100 have joined) International firms, banks & insurance companies access via NASDAQ Dubai (since 2005), alternative stock exchange to e.g. the London Stock Exchange.

Dubai’s Financial Service Cluster Advantages of the DIFC ,[object Object],[object Object],[object Object],[object Object],[object Object]

Dubai’s Financial Service Cluster Diamond ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],+ Large number of trade shows + Influx of foreign firms have raised local standards + DIFC effort to create transparent regulatory regime + Airline/airport infrastructure and service-’open sky policy’ - Local legal, accounting and finance infrastructure remains weak

The successful Cluster ,[object Object],[object Object]

The Productive Clusters of UAE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Some Basic Data on UAE GDP and Trade Trends 1 ,[object Object]

Assessment of the DIFC ,[object Object],[object Object],[object Object],[object Object]

Dubai’s companies and holdings significant debt burden by the whole country. ,[object Object],[object Object]

The macroeconomic consequences of the shocks produced by the DIFC mismanagement ,[object Object],[object Object],[object Object],[object Object],[object Object],* Previsions UAE Central Bank

Dubai and the UAE face the credit crisis ,[object Object],[object Object],[object Object],[object Object],[object Object]

DIFC vis-a-vis the other GCC countries’ competition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Porter’s perspective is too limited like the Davis and Looney’s one ,[object Object],[object Object]

Conclusions and Crucial Points ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Do you agree with us?

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Dubai’S Diversification Strategy

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