Banking, insurance activities and capital markets accounted for the third largest sectoral contribution to Dubai’s GDP in 2018 generating value added of AED 40.4 billion or 10.2 per cent of the total. Banking was the largest direct contributor within the sector to Dubai’s economy. Moreover, the Emirate is a major city for the UAE insurance sector as a whole. The gross written premiums in Dubai’s insurance activities represent 62 per cent of the total in the UAE in 2018. In addition, Dubai is an important regional hub for capital market activity hosting a domestic stock exchange, Dubai Financial Market and an international capital market, Nasdaq Dubai. The latter is major capital market for Islamic finance. The total value of Sukuk listed on Nasdaq Dubai reached a global record of US$ 60 billion in 2018.