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Dubai becoming a 'global force'?

Dubai is making strong inroads to becoming the world's financial powerhouse, it has been claimed.

Launched in 2004, the Dubai International Finance Centre (DIFC) has already welcomed just shy of 200 financial companies and already has a sizeable waiting list, with many companies only hampered by the current lack of office space available.

With additional office space becoming available early in 2009, the list of overseas financial companies either opening satellite offices or relocating is expected to jump dramatically.

Oliver Hickey UK Sales Director of Profile Europe (UK) Ltd said: "The financial industry in Dubai was born out of a range of incentives that offered staff tax free salaries, foreign ownership and the freedom to repatriate capital freely to the UK.

"However, aside from these and other incentives, this Middle Eastern Hub has in its own right now evolved as a dominant world force with up to 10,000 workers at the DIFC every day with estimates of up to 25,000 a day by the end of 2008.

"This prosperous industry undoubtedly acts as bait for other key professionals but it is the knock on affect of so many high bracket salary earners now requiring appropriate lifestyle accommodation that has helped Dubai.

"Property prices are soaring, demand for property is unprecedented and rental yields are at their highest. No longer, a white elephant in the sands, Dubai is here to stay and prosper it will."