For Dubai, the Arab spring has been a boon, in finance as much as tourism. Dubai’s financial centre says financial houses, including some from the competing banking hub of strife-torn Bahrain, are taking advantage of Dubai’s status as a safe port amid the storm of regional unrest.
The Dubai International Financial Centre says several banks are relocating staff to the centre, helping the tax-free financial hub grow by seven per cent to 848 companies last year.
Companies such as Credit Agricole, ABN Amro’s asset management arm and Nomura have already moved staff from Bahrain to Dubai, or are in the process of doing so.
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