UAE’s goal of ‘developed market status’ hailed

Following global markets index provider MSCI's upgrading of the U.A.E. to emerging market status, the country's next goal is to win ‘developed market' ranking by 2018.
The bold new goal has been hailed, among others, by Fortress Investments, a leading investment firm operating in the Middle East, which says that this demonstrates the U.A.E.'s insatiable thirst for higher international rankings and thus play a more pivotal financial role globally.
"The U.A.E.'s new drive to position itself as a strategic financial hub for a wider market covering Middle East and Africa (MEA) is of significant value to investments consultancies like ours,” said Hamed Mokhtar, managing director at Fortress Investments. "This gives room for U.A.E.-based regional consultants to tap a wider client base, leveraging the rising financial stature of the U.A.E..”
"Financial institutions see in the U.A.E. an ideal venue to manage their capital effectively with fewer constraints than the European and American markets,” stressed Mokhtar. "The financial infrastructure in the U.A.E. matches that of cities with great legacy in finance, such as Dublin, for instance. Both ends of the financial process — clients and consultancies — see in the U.A.E. a modernised market to maximise ROI.”
Emphasising the role of Dubai in the regional financial sector, Mokhtar added: "Dubai is a gateway for capital and investment in the region. It offers a supportive platform for financial institutions and service providers to develop their business along globally benchmarked regulations.”
Fortress Investments represents a broad portfolio of clients across diverse sectors, and Mokhtar believes that the growing role of Dubai in attracting foreign funds is a win-win for investment consultancy like Fortress Investments.
He added: "Dubai serves as a magnet for attracting funds when viewed against the uncertainty that dogs the financial sector in most parts of the world. Dubai's other winning edge is its proximity to Gulf capital, among the largest in the world.”
Mokhtar concluded: "Being a Dubai-based private banking and wealth management consultancy gives us an edge to deliver holistic solutions to our clients anywhere in the world. We treat each client's requirements as a separate case and deliver comprehensive financial solutions designed to boost their financial equity.”