The Middle East holds the greatest potential for international financial services in the world, a senior DIFC personnel told an enthusiastic audience of bankers, world leaders, ministers and other key decision makers in Washington DC on Saturday. Speaking at the prestigious Institute of International Finance (IIF) annual meeting at Washington, which was held alongside the Annual IMF meeting, Assem O. Kabesh, chief development officer of Dubai International Financial Center Authority, clearly spelled out the dynamic future awaiting the Middle East and Dubai. Dr. Omar ibn Sulaiman, director general of the Dubai International Financial Centre Authority, said: “The Middle East region is witnessing a phenomenal growth with unprecedented opportunities for all. The financial services sector has performed very well in the last year and double digit growth is expected to continue. Firms throughout the region have exploited demand for shares by raising capital through equity markets. Around $1.8 billion was raised through initial public offerings (IPOs) in 2004 and this figure has more than doubled in the first six months of 2005.”
