Revealed: The global financial centre index sees a headstart for Dubai
Championing a stable and safe environment for investment, boasting excellent infrastructure across major points and encouraging business ventures, Dubai emerges as the 15th most prominent financial centre globally.
Ranked 15th worldwide, Dubai is placed higher than Paris, Geneva, Los Angeles, Luxembourg and Vienna, based on findings by the Global Financial Centre Index.
Financial Centre Index 23 is published by the Z/Yen Partners in collaboration with the China Development Institute and has evolved to be the world’s most authoritative comparison of the competitiveness of the world’s leading financial centres.
For the last 10 years, the GFCI has published two reports a year which have charted the progress of the world’s leading financial centres.
While improving its global spot by four places, Dubai showcases cutting-edge infrastructure that ultimately ranks the Emirate eighth worldwide ahead of San Francisco, Toronto, Frankfurt and Zurich. However, besides a strong infrastructure sector, Dubai was also rated ninth in human capital and financial sector development. Continuously evolving to include innovative organisations and provide investment initiatives, Dubai has surpassed most of the global financial centres as it was also ranked 8th in banking, 9th in professional services and 15th in investment management and professional services.
The recorded influx of foreign companies sprouting in Dubai establishes the city as the top financial centre in the MENA region, while the total number of active registered companies in the free zone reached 2,003 at the end of June 2018, up 8% from 1,853 as of December 31st, 2017.
Dubai was also classified as a ‘stable’ financial centre while Doha was listed as ‘unpredictable centre’ and Abu Dhabi as a ‘dynamic centre’. Based on the index, Middle Eastern financial hubs have moved up in the rankings with Israel taking second place in the region, with a ten-place difference, as it is ranked 25th worldwide.
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