Dubai wasn’t always a global financial powerhouse. Decades ago, the city was largely associated with deserts and oil. Today, it stands among the world’s leading financial hubs, and Indonesia wants to learn from that success while developing its own Indonesia International Financial Center (PFII).
That transformation is the main reason Commission XI of Indonesia’s House of Representatives (DPR) has chosen the Dubai International Financial Centre (DIFC) as the benchmark for PFII. Lawmakers believe Dubai offers one of the best examples of how a financial center can reshape a country’s economy and global reputation.
Mohamad Hekal, Vice Chairman of Commission XI from the Gerindra Party, said DIFC remains one of the world’s most successful financial centers. For Indonesia, its success provides a practical model for building a competitive financial hub.
“One of the models we are studying is the Dubai International Financial Centre. It offers many of the same features we are aiming for. Why are we following the Dubai model? Because Dubai is considered one of the most successful examples. It successfully transformed Dubai’s image,” Hekal said during CNBC Indonesia’s Power Lunch program on Monday (July 27, 2026).
Hekal pointed out that Dubai looked nothing like it does today. About 30 years ago, it had few modern buildings and was still heavily dependent on oil.
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As oil production began to decline, the government realized it needed a new source of economic growth. Instead of waiting for the industry to weaken further, Dubai hired consultants to develop an international financial center.
“Imagine what Dubai looked like 30 years ago. It was mostly desert. They decided to build a financial center even though, with all due respect, much of the country still consisted of relatively simple buildings and temporary structures. Why did they create a financial center? Because their oil production was beginning to decline. The government then hired consultants to establish an international financial center,” Hekal explained.
That decision changed Dubai’s future.
The financial center attracted banks, investment firms, multinational companies, and financial professionals from around the world. Over time, it became one of the city’s strongest economic pillars and helped establish Dubai as a trusted destination for global business.
Hekal said the impact went beyond Dubai itself. The success of DIFC also changed how international investors viewed the Middle East.
“The financial center successfully changed Dubai’s image. In fact, it also transformed the image of the Middle East. In the past, people believed that if they invested money there, it could simply disappear. That perception no longer exists,” he said.
Indonesia is now pursuing a similar goal through PFII. The project is expected to strengthen the country’s financial industry while attracting more international investors.
Although the financial center has not yet been established, its legal foundation is already in place. The House of Representatives completed the PFII Law in just three months, allowing the government to move forward with the next phase.
The focus now shifts to implementation. The government is preparing the detailed regulations and framework needed to turn PFII into a functioning international financial hub.
If successful, PFII could deepen Indonesia’s financial market, increase global investor participation, and strengthen the country’s position as one of Asia’s emerging financial centers.
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