Dubai Aims For Financial Excellence: Maktoum's Talks With State Street CEO
In a significant development for Dubai's financial landscape, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and President of the Dubai International Financial Centre (DIFC), held a meeting with Yie-Hsin Hung, President and CEO of State Street Global Advisors. This meeting marked the inauguration of State Street Global Advisors' new office in Dubai, underlining the emirate's growing appeal as a global financial hub.
During the meeting, Sheikh Maktoum expressed his congratulations to Yie-Hsin Hung on the new establishment and emphasized Dubai's dedication to nurturing strong international partnerships. He highlighted the UAE and Dubai's commitment to providing a supportive environment for the growth of the economic and financial industry. The strategic goal is to boost the total volume of Dubai's stock markets to AED3 trillion by 2033 and to enrich its capital market ecosystem.
The discussions also covered the ongoing Dubai FinTech Summit, an event that underscores Dubai's ambition to become a leading global center for financial technology. The summit has attracted significant attention, with over 8,000 decision-makers, 300 thought leaders, and more than 200 exhibitors gathering to explore innovations in FinTech.
Yie-Hsin Hung praised Dubai's evolution into a key financial and business center in the region. The opening of State Street Global Advisors’ office in Dubai is a testament to the company's strategy to broaden its reach in this fast-growing market. With assets under management worth US$4.13 trillion and a pioneering role in launching the first US-based Exchange Traded Fund (ETF), State Street Global Advisors' expansion into Dubai marks a significant milestone.
The meeting was also attended by notable figures including Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; Essa Kazim, Governor of DIFC; and Arif Amiri, Chief Executive Officer of DIFC Authority. This gathering not only celebrated the opening of State Street Global Advisors’ new office but also reinforced Dubai's position as an attractive destination for international financial service providers.
Dubai's strategic initiatives, such as enhancing its stock market volume and deepening its capital market ecosystem, are integral to its vision outlined in the Dubai Economic Agenda D33. This vision aims to position the city among the world’s top four financial centres. The successful hosting of events like the Dubai FinTech Summit further illustrates Dubai’s capability in fostering innovation and attracting global investment in the financial sector.
The establishment of State Street Global Advisors’ office in Dubai is a clear indication of the city's dynamic economic environment and its potential to serve as a gateway for businesses looking to expand in emerging and neighbouring markets. This move is expected to contribute significantly to the region's financial services landscape, offering new opportunities for growth and collaboration.
With inputs from WAM
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