Qatar’s sovereign wealth fund is dangling up to $2 billion in front of wealth management companies in an effort to attract them to its small Qatar Financial Center. Competition for financial services in the GCC is fierce, particularly from Dubai’s International Financial Center which has been gaining traction. A major factor in Dubai’s favor is that its Financial Center is a physical location. Qatar’s Financial Center is a virtual, legal construct. Both Qatar and the UAE have an enormous incentive to expand their financial centers, both having been denied an upgrade to “emerging market” status just last week.