Dubai risks damaging its financial hub status over the trade boycott of Qatar by the Bahraini-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.
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.