Dubai one of world’s top 10 financial centres – new report

Dubai continues to climb the ranks as one of the world’s most important financial centres, according to new data.

Dubai is now eighth in the Global Financial Centres Index (GFCI) – its highest-ever ranking.

Dubai is the only financial centre in the Middle East and South Asia to appear in the top 10 rankings, placing it alongside other financial hubs such as London, New York, Hong Kong and Singapore that together help power a major portion of the world’s economy. Dubai was ranked12th within the index as recently as this past March. It was 25th when the index was first launched in 2007.

Said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of the Dubai International Financial Centre (DIFC): “The city’s steady ascent in rankings has been driven by DIFC’s remarkable success in building an ecosystem that fosters financial industry growth. DIFC is one of the key initiatives at the forefront of Dubai’s new phase of growth and its efforts to create a business and investment environment that rivals the world’s best.”

He added: “Our sights are set firmly on the goal of becoming the number one-ranked global financial centre. We will also continue to work closely with the industry to help them deliver value and find new opportunities for growth.”

Said DIFC governor Essa Kazim: “The DIFC has been a pioneer within the financial services industry since its inception in 2004, and continues to gain global recognition as an economic powerhouse and pivotal business hub. The financial sector is a cornerstone of the UAE’s economy and the DIFC is a magnet for global investment, and the central hub for international trade.”

He also added: “This ranking further underscores the economic potential of the region and the strong promise of Dubai as the destination of choice for international organisations, emerging companies and the financial technology leaders of the future to collaborate to deliver exponential growth.”

Established in 2007, the Global Financial Centres Index is released twice a year by London-based Z/Yen and the China Development Institute. More than 114 centres were evaluated as part of the 26th edition of the GFCI rankings, using more than 133 instrumental factors.

With more than 24,000 professionals working across more than 2,200 active registered companies, the DIFC comprises the largest and most diverse pool of industry talent in the region. The DIFC also experienced sustained growth in the first half of 2019, welcoming more than 250 new companies and bringing the total number of active registered firms to 2,289 – a 14 per cent increase year-on-year. The DIFC now boasts more than 671 financial related firms, an 11 per cent increase from the same period last year.

READ: Dubai’s DIFC adds 250 companies, 660 new jobs in first half of the year

DIFC also continues to be recognised for its combination of business and lifestyle offerings, with more than 400 restaurants and retail outlets, three five-star hotels, seven elite art galleries and more than 100 days of unique arts, culture and wellness activations.