Over the past 15 years, the Dubai International Financial Centre has undergone a dramatic transformation. After the 2009 financial crisis, the center nearly emptied out, forcing the city to request $20 billion in aid. During the pandemic, Dubai chose not to shut down, instead opening early, which laid the foundation for its current boom.
As of the first half of 2025, nearly 48,000 specialists work there, and the number of companies more than doubled to 7,700 over four years, with office demand outstripping supply. Hedge funds, innovative firms, and the insurance sector are developing particularly rapidly. Dubai aims to position itself as a global financial center on par with London or New York.
Its competitors include Abu Dhabi, offering simpler rules for international firms and huge sovereign funds, as well as Saudi Arabia, which encourages finance workers to relocate regional headquarters to Riyadh.
Dubai’s growth brings new challenges: infrastructure shortages, rising housing costs, and wage pressures. Authorities are investing in roads and office expansions, but traffic problems persist.
Known for its multiculturalism and business-friendly policies, Dubai is also attracting potential financial criminals. The city has faced financial scandals and is ramping up regulation, including in cryptocurrencies. Its flexibility is both a competitive strength and a reputational risk.
If a downturn hits, Dubai risks losing ground to Abu Dhabi or other regional centers. Facing fierce competition, the city must continually innovate to remain a leader in the global financial market.
