Dubai, Middle Eastern Financial Centers

Dubai looks like a cool place… but realistically I just don’t see how this place would really beable to sustain itself without oil revenue. Everything is just so ridiculous, cool, but ridiculous. I was reading the WSJ and have seen in other sources that other financial centers have been planned… What is the point? This area is trying to become the financial center of the world… but what really substantiates that premise? Why would there be a real interest in that? Other than the strong interest in oil currently, I just fail to see the success in the long term. In my opinion, seems a better option would be to upgrade infrastructure, educate the population, etc… More long term focused. I personally would find it cool if theyd use the cash sloshing around to send humans to Mars or into some research than waste it on the worlds tallest crapscraper. Blah.

Tourism > Man on Mars

storko Wrote: ------------------------------------------------------- > Tourism > Man on Mars Of course. Man on mars has no real return. At least not in our time. Im just sayin with that kind of money thats what id do.

I would buy an island and have Gladiator fights to the death. I would make money on gambling.

in the long run we’re all dead - but you gotta follow the money. So the boom won’t last forever - but so what? (btw… oil contributes only around 15% of revenue - the rest is tourism, construction, services, etc) If I were young and single again, Dubai would be where I would go for the next few years. A friend of mine moved there a year ago to run the Pru funds operation there (Indian, trained in London). Plenty of opportunities for all sorts of careers - especially finance & banking. If times are tough on Wall St at the moment - if you’re young, single and looking for adventure - buy a 1-way ticket to Dubai and see what turns up…


null& Nuller may i have ur e-mail id. i would like to connect with your friend from Pru funds. i work in dubai for now.

superCop, I only have his personal email address - so I can’t give that out. But his contact details are: Kunal Chowdrey, Chief Operating Officer, Prudential Asset Management Level 6, Precinct Building 5 DIFC Dubai, UAE +971 4 428 1900 He’s a good mate from Mosman in Sydney. The market is booming over there and finding good staff is a real problem so I’m sure he won’t mind me posting this. Just don’t all bombard him at once… They’ve got a couple of sharia equity OEICs (like unlisted open-ended funds) - one is India/China, and the other is sth-east Asia from memory. + more on the way I presume. Also, Pru have just done a J/V with Al Jazira bank in Saudi to open an asset mgmt business there as well, so they will be looking for staff there too in the near future. Will offer sharia-type equity funds and also takaful products (which are sharia-based policies) Great part of the world to make a fortune in for the next few years - if you are young and keen and don’t mind travelling. good luck…

thanks Null What is your real name ? do you me asking.

sorry, can’t give my real name. If you are serious about approaching Pru, do some research, put together a pitch and give him a call. I’m not sure what roles he his hiring, but he’s a good guy and will always listen to a good pitch. Tell him a contact from Sydney referred you to him - you can use a code word “Killarney” - he will know what it means good luck…

The very reason Dubai is investing so heavily in infrastructure and tourism and the financial sector is so that they dont have to rely on oil revenues anymore. They have also invested heavily in education and many universities from US, Canada, UK and Australia have satellite campuses there. This is a long term plan put in place by the rulers of Dubai about 10 years ago and the ball hasn’t stopped rolling since. Dubai’s oil revenues are trivial compared to that of Abu Dhabi (UAE’s capital) and Dubai was the the first city in the Middle East to have taken the initiative to attract huge amounts of foreign investment. Other places have followed in their footsteps (Qatar and Bahrain) but Dubai will continue to be seen as the business center of the mid-east.

Is there any job site for finance jobs in Dubai?

Most people don’t know this but its port activities are the major source of its revenue, it is conveniently located to be a huge sea hub. Job sites for finance -> try monster UAE…

How does one go about connecting with the SWFs down there. From what I read on these forums, they do not use traditonal recruiting/advertising.

null&nuller May I have you email? I have a few questions for you and I would like to send you an email. Pls reply to my email box qqsaki at yahoo dot com Thanks for your reply

just a question out of the box: I think I’ve seen somewhere that you cannot take the profits u made in Dubai with u when u leave the country. for example u set a company up and, after some years, decide to go home: u won’t be allowed to take the profits made on ur venture (same if u invested in real estate or anything else that increased in value) The point being that they want the money any FDI to stay in their economy I’m not sure if they still have the same policy… (that is why I’m asking so please no flames if I’m totally wrong)

No this info is not right. It is quite liberal in those matters.

All MNCs are setup in so called “Free Zones” The DIFC financial free zone for example allows full repatriation of profits and guarantees a zero corporate tax rate for 50 years.

ok sorry for the wrong info, my bad thanks for correcting me