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Financial Services
Dubai has a highly developed financial sector with local and international banks. The UAE Central Bank regulates and issues licenses and the local currency is pegged with the US Dollar.
UAE Banking sector is the largest by assets in the GCC; sector is dominated by 23 local banks which account for more than 75% of banking assets; 28 foreign banks account for the remainder.
In 1999 the UAE banks have adopted International Accounting Standards (IAS) and in 2015 International Financial Reporting Standards (IFRS) have been adopted.
Dubai is also home to the Dubai International Financial Center (DIFC) – a special platform for businesses and financial institutions to tap into the Middle East, North Africa and South Asian Markets (MENASA). DIFC has its own independent regulation and common law framework similar to that of the UK.
The UAE Government is also heading towards being the first blockchain-powered government in the world, by providing Research & Development expansion in this sector.