On day 1 of Investopia, financial leaders came together to explore the shifting dynamics of global economic gravity and the emergence of new financial centers. The session, which delved deep into the transformations from traditional titans to rising powers, highlighted the United Arab Emirates as a standout player amidst this evolution.

Joining the discussion, Martin Tricaud, Group Head of Investment Banking, First Abu Dhabi Bank, emphasized the UAE’s remarkable economic growth, attributing it to favorable factors such as stable oil prices and strategic geographic positioning. He underscored the nation’s concerted efforts to diversify its economy away from oil and gas, focusing on sectors like tourism and aviation. 

In addition, the UAE’s proximity to booming markets like India has further fueled its growth trajectory.

Manuel Falco, Vice Chairman of Client and Banking, and Head of Senior Client Coverage, Citi echoed Martin’s sentiments, noting the UAE’s potential as a financial hub despite ranking 35th globally. He identified India, Brazil, and the UAE as the top emerging markets, with the latter holding a golden opportunity for future growth, especially in attracting international issuers.

Jerry Zang, CEO, Standard Chartered China highlighted the growing significance of the Chinese currency, the renminbi, in global trade and advocated for the UAE to leverage its strategic position as a trade capital and a mobility hub for the Middle East.

Moreover, the panelists discussed the UAE’s strides in sustainable finance, particularly following its successful hosting of COP28; applauding the nation’s commitment to gradual energy transition and highlighting initiatives like the Abu Dhabi Investment Authority – ADIA aimed at financing renewable energy projects.

Regarding AI and digital assets, the UAE was positioned as a regional champion, with favorable regulatory structures and abundant renewable energy resources conducive to technological advancements.

In forecasting the future of financial centers, the panelists agreed on the UAE’s prominence alongside traditional powers like the US and emerging markets like India. They also highlighted Singapore, Hong Kong, and Japan as significant players in the global financial landscape.

This panel shed light on the UAE’s resilience and adaptability amidst shifting economic paradigms. As the global economic center of gravity continues its gradual shift, the UAE stands poised to capitalize on emerging opportunities, solidifying its position as a key player in the evolving financial ecosystem.