Will the 'Dubai bubble' burst? International Islamic Finance Forum to debate city's boom

Can Dubai's huge growth in hotels, high rise apartments, malls, financial and commercial centres be sustained? Can a city to rival Tokyo or New York really be created on the shores of the Arabian Gulf? Will the 'Dubai bubble' burst one day?

These are among a series of vital questions to be put to a distinguished panel of top level executives at the biggest networking event in Islamic finance later this month.

The Forum is under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum and takes place at the J.W. Marriott Hotel from 13 to 15 March.

Taking part in the Leaders Table will be:

• Dr Habib Al Mulla, Chairman of the Dubai Financial Services Authority
• Iqbal Khan, Chief Executive Officer of the Dubai-headquartered HSBC Amanah Finance
• Ziad Makkawi, Chief Executive Officer of Dubai Bank
• Adel Al Shirawi, Chief Executive Officer of Tamweel Home Finance.

Explaining the background to the Leaders Table debate, Forum director Chris Mullinger said: "The United Arab Emirates, and Dubai in particular, have the most diversified economies in the Arabian Gulf and while Dubai is leading the drive away from dependence on oil, the health of global oil markets ultimately affects the regional non-oil sector.

"The whole of the financial sector in the UAE has seen a major increase in liquidity because of high crude oil prices which, in turn, has helped drive spending on new infrastructure. There has also been a big increase in lending.

"One of the major challenges faced by financial institutions, both conventional and Islamic, is the identification of assets that will provide good yields. There is also pressure from the markets for continuing economic reform and for greater transparency from the financial sector as a whole.

"These issues and challenges are by no means unique to Islamic finance but the Leaders Table at this year's Dubai Forum will provide insights into how leading players see the future.

"The Leaders Table is not restricted to a debate about Dubai's future, however. We can expect many questions from our international delegates about such issues as the lack of Shariah scholars to oversee Islamic finance; the harmonising of Gulf and Asian standards in Islamic finance; the impact of multinationals on Islamic finance growth; and the need or otherwise for a global regulator of Islamic finance."