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Thread: WashingtonPost-Financial Hubs See an Opening Up at the Top

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[quote=GUEST18186,328399]Arkady Dvorkovich, senior economic adviser to Russian President Dmitry Medvedev, said the U.S. financial crisis could benefit Moscow. "We are not naive," he said. "We're not trying to say that Russia will substitute for the United States in the financial sense, but in certain niches, there's a certain window of possibility for Russia to be a much more active player.

Russia could "serve as a leading financial system for neighboring countries and Eastern Europe in the medium-term, in the next five to seven years," he said.

Firms in some financial centers are using the Wall Street breakdown to snap up assets -- and people, tens of thousands of whom have been laid off in the past few months.

Japan's Mitsubishi UFJ bought up to a 20 percent share of Morgan Stanley for $8.4 billion, while Nomura Holdings said it would buy the Asian, European and Middle Eastern operations of Lehman Brothers.

Dubai's International Financial Center, meanwhile, boasts that its tenants are eligible for benefits such as a zero tax rate on profits, 100 percent foreign ownership and no restrictions on foreign exchange or repatriation of capital. In addition, said Mohammed Abu Ali, an assistant professor of economics at Dubai's American University, "Dubai has an ideal location. It is located between the East and the West. It is in a good time zone. And it has a very dynamic economy."

Hussain al-Qemzi, chief executive of the Noor Islamic Bank, which is majority-owned by the Dubai government, aims to turn the city into a hub for Islamic banks, prohibiting usury, that would rival Wall Street's traditional banks.

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