IMF's Rodrigo De Rato Highlights Development of Dubai's Financial Sector and Creation of New Oppotunities

Rodrigo de Rato y Figaredo, managing director of the International Monetary Fund (IMF), highlighted the development of Dubai and its financial sector as an example of moves to improve the business environment yesterday, as he met with senior executives at Dubai International Financial Centre (DIFC) and Dubai Financial Services Authority (DFSA).

De Rato said: “A stable macroeconomic setting and reforms to improve the business environment and strengthen the financial sector are key to attracting more private investment to the non-commodity sectors. Dubai’s government has made great strides to develop itself as a financial hub in the region and further afield.”

Dr Nasser Saidi, chief economist of DIFC, said: “We continue to work closely with the IMF as we approach another year of strong growth and increased economic diversification across the Middle East. This growth is across sectors and emerging markets as well as established economies such as the UAE, and is thanks to sound fiscal and financial policies and continued strength in oil prices and capital flows.

“The ongoing growth and development of DIFC is matched by international regulation and transparency measures to ensure we develop sound and efficient financial markets to support the economies of the region.”

De Rato met with high-ranking officials from DIFC and DFSA, as well as senior management from the Dubai International Financial Exchange (DIFX) and UAE banks.