Ashok Aram, chief executive of Deutsche Bank in the Middle East, describes Dubai as a trading collar serving two financial purposes: a call option on the oil wealth of the Gulf and put option on the region’s instability.
If oil prices remain high, Dubai benefits as the prime location to recycle petrodollars. If instability in the Middle East worsens, the city retains its status as a haven and launch pad for the oil-rich region, thanks to its stellar infrastructure.
The Dubai International Financial Centre (DIFC), which hosts non-retail financial services and related businesses, was, before the Arab uprisings, emerging as the region’s pre-eminent financial centre.
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