London — The boss of Standard Chartered (StanChart) has warned that Dubai risks damaging its status as a financial centre as a result of the trade boycott of Qatar by a Saudi-led bloc, which includes the United Arab Emirates (UAE). StanChart is a major lender across the Middle East and CEO Bill Winters said it could become increasingly difficult for Dubai to act as a comprehensive regional hub for international companies’ Gulf operations if the tension in the region continued. "There is a lot of benefit we get from having a Dubai hub. We are looking to see what the effect of this will be," he said. "There is a risk of turning away from the UAE." Dubai, the largest city in the UAE, emerged as the region’s main banking hub after the establishment of a low-tax, independent zone known as the Dubai International Financial Centre in 2004. The zone is now home to more than 400 financial services firms including 17 of the world’s top 20 banks, according to its website, with incentives inclu...
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