Dubai risks losing its financial hub status over the trade boycott of Qatar by the UAE - led bloc , warns Standard Chartered . Dubai , UAE 's largest city , emerged as the region 's main banking hub following the establishment in 2004 of a low - tax independent bank known as Dubai International Financial Centre . Standard Chartered is a major lender across the Middle East , earning around 20 % of total revenue from its operations in Africa and the Middle East , with most of those being managed out of Dubai .
Dubai risks damaging its financial hub status over the trade boycott of Qatar by the Saudi-led bloc, warns Standard Chartered. Dubai, UAE's largest city, emerged as the region's main banking hub following the establishment in 2004 of a low-tax independent zone known as Dubai International Financial Centre. Standard Chartered is a major lender across the Middle East, earning around 20% of total revenue from its operations in Africa and the Middle East, with most of those being managed out of Dubai.