Financial centres can succeed where politics has failed, with economics driving the agenda in an increasingly globalised world, according to Nasser Al Shaali, CEO of Dubai International Financial Centre (DIFC).
Al Shaali said: “Emerging market players are going on shopping sprees in developed markets, and country borders are proving to be no barriers to structuring deals. The tides are changing and investment flows are determining the political agenda.”
He pointed to China as an example, suggesting that: “The unifying forces of fluid but well-regulated cross-border financial transactions are the most effective way to level out the global playing field, whether in terms of alleviating poverty or eradicating corruption.”
The changing face of financial centres and emerging markets will be debated during DIFC week, a week of headline conferences, lectures and seminars to be held at The Gate district in DIFC, November 17 – 23.
Al Shaali continued: “Financial services are focused on results, which ultimately serve the public’s interest better. The business sector focuses on similarities and common interests - not differences - between all parties."
“This is where DIFC continues to achieve success: this focus on business enables us to embrace diversity while maintaining stability through the supply and demand chain.”
Lack of transparency , even in the world’s most sophisticated financial markets, remains a persistent concern affecting economic and social wellbeing across borders, noted Al Shaali.
"The subprime mortgage crisis, as witnessed in the United States at present, has left the world's leading economies open to a level of instability that could be prevented by effective application of the principles of financial soundness," he observed.
"DIFC's strategic plan includes building global financial infrastructure that promotes best-in-class practices. We will achieve this via our strong legal system, an efficient and robust regulatory environment and promotion of corporate governance, shariah and conventional ethical systems," he concluded.
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