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As we mark 20 years in Dubai, we're reflecting on the
city's transformation into a global financial centre –
and our journey as the first international investment hub firm to
establish a presence here. We also look ahead to the drivers
shaping future activity.
When we opened our Dubai office 20 years ago, the UAE's legal
and financial market was full of promise. Today, the region sits at
the crossroads of global finance. Attracting some of the
world's most significant transactions and investments, the
economy is rapidly diversifying beyond its traditional oil and real
estate roots to become a global hub for finance, technology and
innovation.
Building a gateway for global capital
The development of the Dubai International Financial Centre
(DIFC) has been a defining milestone. With over 8,000 registered
entities , its common law framework and strong regulatory regime
offer global investors a familiar environment – complementing
investment hubs like the Cayman Islands, British Virgin Islands
(BVI), Bermuda, Jersey Guernsey and Ireland.
The Abu Dhabi Global Market (ADGM) has further strengthened the
UAE's position, offering flexibility for structuring complex
transactions. These hubs now serve as gateways for capital flows
between the Middle East and global markets, commonly with offshore
vehicles (predominantly Cayman) playing a critical role in fund
formation, securitisation and structured finance.
Sovereign wealth funds continue to shape the region's growth.
With US$45.6tn in assets , their strategic investments have been
pillars of the UAE's longer-term strategy, creating focal
points that provided the stability and confidence needed to attract
global investors.
Creating cross-border efficiencies for clients
Twenty years ago, the use of offshore structures in the Middle
East was limited compared to other regions. Today, Cayman Islands
domiciled vehicles are central to investment funds, asset finance,
structured finance, joint ventures and holding companies.
As these structures mature, the need for a full suite of legal
advice has grown. Shifts in the global regulatory landscape have
meant that clients now require greater integrated expertise. From
start-up and fund formation to regulatory advice, risk management,
insolvency and disputes – clients want seamless support
across every stage.
Unlocking growth through Islamic finance
Islamic finance has continued to expand, driven by regional
liquidity and global investor interest. Recent data from LSEG and
the Islamic Development Bank group forecasts a 62.2% growth in
Islamic finance assets, reaching US$49.7tn by 2029. For
international investors, Cayman Islands structures provide
familiarity and transparency, while allowing Sharia-compliant
access to Middle Eastern markets. This convergence is set to remain
a key growth driver over the next decade.
Cayman Island SPVs have become the preferred vehicle for Sukuk
issuances, offering bankruptcy-remote structures and governance
models trusted by rating agencies and institutional investors. They
also support innovation, including green and sustainable Sukuks
aligned with ESG principles. In 2025, ESG sukuks surpassed US$50bn
in outstanding value. Listings on international exchanges like the
LSE have boosted investor appeal, improving liquidity and
transparency for institutional investors.
Technology powering the next wave of investment
Technology is central to Dubai's Vision 2030 and the
UAE's economic diversification strategy. The region is shifting
from oil to a knowledge-driven economy, with digital transformation
already contributing over 12% of the UAE's non-oil GDP and
expected to reach 20% in the next decade.
Centres of excellence like the DIFC Innovation Hub and Hub71 are
driving this shift. The former is the region's largest
financial innovation ecosystem – home to over 1,200
growth-stage tech firms supported by advisors and service providers
across the business lifecycle. But these ecosystems are not just
incubators. They're catalysts for capital flows, connecting
onshore innovation with international structuring.
A key trend to watch is the convergence of fintech and Islamic
finance. Technologies like AI and blockchain are reshaping
financial services, and the next step is how Islamic finance
embraces them. Dubai's cashless strategy targets 90% digital
transactions by 2026 . Jurisdictions like Cayman Islands, BVI,
Bermuda and Jersey have developed proven track records in this
field and are well placed to support this transition.
A global team with local impact
Our Dubai office has grown from just six staff at inception to
over 60 today, including our Walkers Professional Services team.
Supported by colleagues across our global network, this reach helps
us deliver seamless service and expertise across time zones and
markets.
As we celebrate this anniversary milestone, we remain focused on
driving innovation, building relationships and supporting the
continued growth of Dubai's dynamic legal and financial
market.
Speak to our team to explore how we can guide you through the
regional landscape and unlock new opportunities.
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