Dubai among top five cities globally for entrepreneurs

Dubai has been ranked among the top five cities globally for entrepreneurs, according to a new report released by property advisory firm Knight Frank.

The report assessed the most important lifestyle elements that individuals consider when relocating their businesses overseas.

Cities were ranked on the basis of several factors including quality of life, safety and security, cost of transport and distance to airport, hours of sunshine per year, cost of petrol, cost of annual healthcare, property market performance, and the number of Michelin star restaurants, among other.

For entrepreneurs, the report fond that Hong Kong topped the list, followed by London and Vancouver.

Dubai, which ranked fourth globally, shared its position with Geneva, Sydney and Vienna.

Associate partner and head of Research at Knight Frank Dana Salbak said: “Businesses and young entrepreneurs are focused on the ease of doing business, political safety and security, availability of high-quality formal entertainment such as fine dining, all of which Dubai offers, so it’s natural to see clients motivated and drawn to the city.

“This is of course in addition to the tax-free environment and wide-spread of free-zones which facilities business and trading activities.”

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Along with entrepreneurs, the report also ranked cities worldwide for families and retired couples.

While Dubai did not make it to the top 10 cities for retired couples, the emirate ranked fifth for families following Luxembourg, Vienna, Hong Kong and Geneva.

“Dubai caters to nearly all family priorities so it comes as no surprise that it’s highly favourable,” stated Salbak.

“It provides good international-grade education systems, creates communities for like-minded people to interact (such as AlSerkal Avenue for arts and culture), and offers a variety of family-friendly activities, most of which can be enjoyed with 365 days of sunshine. This is in addition to personal security and safety.”