Dubai bankers most fearful of getting the boot

The reality of Dubai is that quality in almost every walk of life is utterly lacking. Customer service, particularly in the banking sector, is India circa 1995. But the quality of life for expat families is good and pre-delivery property market is ludicrously cheap....if even some of the hype is right.

The whole place is bunkum. No innovation, no culture, no freedom, no transparency. Fools with gold taps building a monuments to nothing in the desert.

The UAE, especially Dubai, has huge growth potential. I feel that there is allot of "briefcase bankers" flocking to Dubai/DIFC with short-term expectations of making quick money.

Business in this region is based upon long-term relationships. Local banks and financial institutions have attracted excellent talent from local pools as well as from international banks, which has improved the performance of theses institutions therefore competing head to head with the international players.

The other local phenomenon is the local stock markets. We've had ups and downs; allot of money made and lost and there is minimal interest of HNWI and institutions to invest into offshore markets; especially equities - listed or unlisted. There have been some very high profile international deals out of DIG, Dubai Holdings etc. but these are not the norm. Saudi is a closed market other than the local banks and the few international players licensed by SAMA. Primary focus today is the overheating real estate market.

We need to give this region a few more growth years before attracting real capital market activity. Regulatory controls are still juvenile with young and shallow equity markets.

Dubai inc is strongly 'encouraging' banks who do, or want to do, business in the region to set up office locally. That does not mean that there is more business generation out there - it is just that the cost of business has increased for the banks which wish to remain there and not be penalised. After all, they need more bankers to fill the offices and housing and spend their bonuses in the shopping malls. Correct me if I'm wrong

Does GCC GDP and population justify to have a large ibanking operation based in the region?

Any of the big 5 EU countries has higher GDP and population, and they do not have full I banking capabilities but rely on London based bankers to a great extend. On the positive side, growth rates in GCC are high and wealth concentrated in few pockets, which require banking services.