Build Your Own Financial Oasis in the Desert
Last Thursday's Wall Street Journal reported: "The oil-rich Arab sheikdoms of the Persian Gulf are racing one another to build financial oases in the desert."
"Rulers in places like Dubai and Qatar, by putting stock exchanges in plush surroundings and courting international banks, hope to emulate Tokyo, Hong Kong and Singapore, which in an earlier era sprang up as financial hubs for fast-growing Asia."
As is often the case with The Sovereign Society, we anticipated this expanding mid-east financial situation and prepared a Special Report on the leading center, Dubai many months ago.
The Journal article goes into interesting detail about the United Arab Emirates (UAE) noting: "The oil boom means the Gulf states are swimming in one ingredient for a financial center — capital.
"Six Arab economies took in US$400 billion in hydrocarbon receipts last year. Western financiers are coming in — Citigroup Inc., for instance, is transferring one of its two co-heads of investment banking to Dubai. If the ambitious projects take off, they could redraw the global financial map."
But we share the writers' hesitation about the future of these fledgling Mid-east financial centers. As the articles says: "It's far from certain the Gulf region can sustain even one world-class financial center."
Indeed, Dubai is a desirable destination for those who seek greater profits and assured financial privacy. This region is emerging as one of the more attractive tax havens in the world, especially for those doing business in the Mid-East, India and Asia.
The emirates are Arab countries that are truly friendly to the United States and to the West in general, and they do indeed offer real possibilities for careful offshore investment, banking and international commerce.
Last Thursday's Wall Street Journal reported: "The oil-rich Arab sheikdoms of the Persian Gulf are racing one another to build financial oases in the desert."
"Rulers in places like Dubai and Qatar, by putting stock exchanges in plush surroundings and courting international banks, hope to emulate Tokyo, Hong Kong and Singapore, which in an earlier era sprang up as financial hubs for fast-growing Asia."
As is often the case with The Sovereign Society, we anticipated this expanding mid-east financial situation and prepared a Special Report on the leading center, Dubai many months ago.
The Journal article goes into interesting detail about the United Arab Emirates (UAE) noting: "The oil boom means the Gulf states are swimming in one ingredient for a financial center — capital.
"Six Arab economies took in US$400 billion in hydrocarbon receipts last year. Western financiers are coming in — Citigroup Inc., for instance, is transferring one of its two co-heads of investment banking to Dubai. If the ambitious projects take off, they could redraw the global financial map."
But we share the writers' hesitation about the future of these fledgling Mid-east financial centers. As the articles says: "It's far from certain the Gulf region can sustain even one world-class financial center."
Indeed, Dubai is a desirable destination for those who seek greater profits and assured financial privacy. This region is emerging as one of the more attractive tax havens in the world, especially for those doing business in the Mid-East, India and Asia.
The emirates are Arab countries that are truly friendly to the United States and to the West in general, and they do indeed offer real possibilities for careful offshore investment, banking and international commerce.
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