Financial Times FT.com

Building ambition raises Middle East financial stakes

By William Wallis in Cairo

Published: May 11 2006 03:00 | Last updated: May 11 2006 03:00

In its bid to become the business capital of the Middle East, Dubai already had purpose-built business parks for most sectors of the economy by the time it opened the Dubai International Financial Centre in 2004.

Property analysts now see a risk that Dubai's proliferating free zones covering everything from media to sports and finance, may start to cannibalise each other once the next rash of mega projects are complete.

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