The past 15 years have seen major advances in capital markets activity in Dubai. The financial sector free zone, the Dubai International Financial Centre (DIFC), has gone from idea to reality, and the emirate recently became the world’s largest market for sukuk (Islamic bonds). However, development has been uneven across types of capital markets offerings based on local demand patterns. New equity and bond offerings remain relatively underdeveloped, as most entrepreneurs in the emirate and the region are already well capitalised thanks to wealth accrued over years of oil exporting. Dubai aims to build on its growing reputation as a regional financial centre, and that has led to continued efforts by the government and major private sector leaders to encourage more breadth and depth in capital markets.
This chapter contains an interview with Essa Kazim, Chairman, Dubai Financial Market (DFM).