The Eighth Emirate: The City of London Has Been Called by Some 'The Eighth Emirate' and British Financial Institutions Are Playing a Key Role in Helping to Develop the UAE's Banking and Finance Sector to Its Full Potential

Gavin, James, MEED Middle East Economic Digest

Situated at the epicentre of vast regional trading blocs, the UAE's financial services sector stands to gain from a revival in trade volumes and British financial institutions will be bidding hard to participate in the new business opportunities that will emerge.

But the City of London has its work cut out. In the increasingly competitive global marketplace its elite firms must prove their worth to a country that wants to sustain close ties to London but which will no longer grant them special status by virtue of their provenance.

The UAE's financial sector has matured. It is home to 51 banks whose combined profits exceeded $4bn last year and whose total assets exceed $416bn. …

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Publication information: Article title: The Eighth Emirate: The City of London Has Been Called by Some 'The Eighth Emirate' and British Financial Institutions Are Playing a Key Role in Helping to Develop the UAE's Banking and Finance Sector to Its Full Potential. Contributors: Gavin, James - Author. Magazine title: MEED Middle East Economic Digest. Volume: 54. Issue: 47 Publication date: November 19, 2010. Page number: S9. © 1999 MEED Middle East Economic Digest. All Rights Reserved. COPYRIGHT 2010 Gale Group.

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