Benchmarking for success – the case of AIFC in comparative perspective

Abstract

This paper is focused on assessing the chances of the recently announced project of establishing Astana International Financial Centre (AIFC). At the same time Kazakhstan already has an unsuccessful attempt with the regional financial centre of Almaty. But this time the idea of AIFC sticks to the successful DIFC (Dubai) model with all its respective features as an anchor benchmark. Having some country specific differences between United Arab Emirates and Kazakhstan perhaps it is not enough just to make a copy of the center’s model, it’s also important to take into account characteristics of their economy and policy. To take into account other benchmarks like Singapore or Hong Kong would also make sense. The chances of Astana to become an IFC for the target region should be performed in comparative perspective having in mind the long lasting plans of Turkey and Russia to establish Istanbul and Moscow IFCs. Thus the research will be based on cross-country comparative study in following directions: with benchmark models of Dubai and world’s top IFCs; with competitive models such as Istanbul and Moscow and other countries of the target region (Eurasia). The research should be a supportive tool for strategic policy planning and decision making.