Celebrating 20 years in Dubai: Reflecting on a dynamic and sophisticated market

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 investment hub vehicles (predominantly Cayman Islands entities) 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 Special Purpose Vehicles (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.