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Ethical Theory - Assignment Example

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First, it is important to note that, Kuwait is far much ahead in terms of economic power as compared to Dubai. Most of the oil reserves in Kuwait are centrally…
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Feasibility of importing Dubai financial center to Kuwait Discuss the feasibility of importing the Dubai international financial center to Kuwait
The importing of the Dubai international financial center to Kuwait is indeed appropriate owing to several factors. First, it is important to note that, Kuwait is far much ahead in terms of economic power as compared to Dubai. Most of the oil reserves in Kuwait are centrally located and this therefore, enhances the pooling of financial resources (Collard, 2009 P.90). The fact that Kuwait leads in oil and gas production makes it a powerhouse of controlling the world’s economy. It is important to note that the Islamic finance thrives in Europe and thus, this puts Kuwait as the most favorable location in the Islamic world as compared to Dubai owing to its central location and accessibility to the majority of the Islam entrepreneurs.
Most of the Arab banks and the European counterparts are located in Kuwait, it is therefore, appropriate for Dubai to import its financial center to Kuwait (Economic and Political Research Dept, 2009). It is worth noting that, majority of the Islamic banks do the importation of the convention financial products from most of the European markets and other parents of the world. The fact that most of the inhabitants of the Middle East engage in trade, makes it suitable for Dubai to import its financial center (The University of Virginia, 2009 p.370). It is evident that, unlike Dubai, Kuwait does not suffer numerous challenges with regard to the development of its financial centers. It is worth noting that, Kuwait has robust and developed financial sectors with greater scope of development unlike Dubai. The fact that Dubai has limited domestic and corporate sectors that reflects on the shareholdings of the state, this make it feasible for importing its financial center (Great Britain. Dept. of Trade & Great Britain. Dept. of Industry, 2010 p.430).
It is imperative that Kuwait has sufficient human capital unlike Dubai that is characterized by lack of skilled staff hence inability to develop its financial centers. The problem of developing the financial centers is compounded by the magnificent government sector in Dubai. It is also important to note that, Kuwait has a robust financial cum business environment that forms the basis of a successful financial center. In this regard, Kuwait does well on tax remuneration with respect to the stipulated government policies. The country also has extensive expatriate staff who can offer the needed advice accordingly (University of Michigan, 2010). By pooling its financial centers in Kuwait, Dubai will be able to expand its global sovereign assets and wealth rapidly. Dubai’s investment style is therefore, bound to change. It is evident that Dubai does not appear to be transparent in its investment behavior; therefore, by importing its financial centers to Kuwait, Dubai will be able to succumb to the dynamic international standards of disclosure.
It is also significant to note that, Dubai are unable to facilitate the private asset management (The University of Michigan, 2009 p.99). By importing its financial centers to Kuwait, Dubai will be able to incorporate its customers with a wider range of assets to meet its global development demands (The University of California, 2007 p.260). It is also important to realize that, Dubai is faced with a greater restriction that accrues owing to its smaller economy. By establishing its financial center in Kuwait, Dubai will be able to overcome, its domestic economy thus attract bigger players in the market. Importing its financial center, will assist Dubai achieve greater market integration whilst mobilizing its capital infrastructure? Dubai will also be able to attract numerous inward investments (The University of Michigan, 2007 p.87). Following the aforementioned reasons, it is therefore sufficient to note that the idea of Dubai importing its international financial center to Kuwait is called for.
References
Collard, E. (2009). Middle East economic digest, Volume 20. Middle East Economic Digest, Ltd.
Economic and Political Research Dept., All India Congress Committee. (2009). Economic review, Volume 19. Economic and Political Research Dept., All India Congress Committee.
Great Britain. Dept. of Trade & Great Britain. Dept. of Industry. (2010). British business, Volume 31 H.M. Stationery Off.
The University of California. (2007). The petroleum economist, Volume 74. Petroleum Press Bureau.
The University of Michigan. (2007). Fairplay international shipping weekly, Volume 274. Financial times.
The University of Michigan. (2009). Pakistan & Gulf economist, Volume 26. Published by S. Akhtar Ali, for and on behalf of Economist Publications.
The University of Virginia. (2009). MEED., Volume 48, Issues 13-25. Economic East Economic Digest, ltd.
University of Michigan. (2010). The Middle East, Issues 171-182. IC Publications Ltd. Read More
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