Abdulla R. Financial Institutions’ Development as a Factor of Integration of the United Arab Emirates into the World Financial System.

The dissertation generalizes the theoretical concepts of the integration mission of financial institutions in the formation of global and regional financial systems. Based on critical analysis of the "classical" theory of financial intermediation, the author reveals the evolution of scientific views on the nature and characteristics of profound structural changes in the environment of financial institutions in the integration context within the model of "multi-speed" integration ("Arab" model) and information asymmetry. Structured features of the current stage of formation of the UAE integration mechanism are largely determined by the level of relationship between financial market infrastructure transformation and financial reconciliation needs, primarily due to the growth of regulatory requirements. The peculiarities of the evolution of the institutional component of the international integration of the UAE financial markets, which takes place in the conditions of accelerated economic diversification and implementation of large-scale structural economic reform programs. As the development of the UAE's global financial integration is directly related to the functioning of the free financial zones, the UAE's Global Financial Centers (DIFC and ADGM), which have specialized in international financial services, have been analyzed. In the context of the study of the mechanisms of integration of the UAE financial institutions into the global financial system, the offshore segment of the UAE financial sector has been identified. Based on the multidimensional indicators, calculations of different models to obtain coefficients and the final model in dissertation assesses the level of integration of the UAE financial sector into the global financial space. Calculations based on empirical verification of the level of integration of the UAE financial markets at the national, regional and international levels have shown that in modern conditions they have a fairly high level of integration. The directions of modernization of UAE financial institutions in the integration context from the point of view of reorientation of investment priorities of the UAE government are investigated. Due to the UAE's focus on increasing financial market flexibility through improved regulatory approaches, the current strategy for restructuring the financial sector regulatory system, which is taking place in two planes, has been analyzed. The dissertation also attempts to make a medium-term forecast the modernization of asset management of institutional investors in the UAE, harmonization of legislation under Sharia law, admission of investment funds to real estate and real estate funds.