Dubai vs Abu Dhabi - beaches or bonuses? | beyondbrics | FT.com

Forget the fear stalking global markets: try the 14th floor of the Dubai International Financial Centre’s Gate building.

The DIFC, a tax-free financial centre located in the heart of Dubai, has been laying off staff this week: as many as 50 of the 400-strong staff were booted out on Tuesday, according to some estimates. Others are leaving the centre, lured by fat salaries in Abu Dhabi as the brain drain to the high-paying capital continues.

The redundancies form part of a new business plan as the government-owned centre trims costs while also trying to boost the hub’s status as the go-to location for international banks and asset managers in the oil-rich Gulf region.