Dubai climbs to 15th on financial centres index

Dubai has climbed four laces to 15th in a ranking of global financial centres produced by China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London.

The city saw its ranking improve in the Global Financial Centres Index, which ranked 110 centres using 137 factors, after placing seventh for infrastructure, ninth for financial sector development and human capital, 11th for business development and 14th in the reputational and general category.

By industry sector, it stood eighth for banking, ninth for professional services and 15th for investment management and insurance.

Dubai International Financial Centre attracted 315 new companies last year and said in a recent announcement that it was home to 60 significant funds and more than 200 registered companies and specialist global advisors.

Number of registered companies & specialist global advisors in the @DIFC increased to more than 200, including 13 of the world’s top 25 firms. DIFC is also home to over 60 significant funds, making it the region’s leading fund domicile

Read: Dubai’s DIFC attracts 315 new companies in 2017

In the wider Gulf, neighbouring Abu Dhabi saw its ranking decline by one to 26th despite increasing its rating by three.

Read: Abu Dhabi finance hub ADGM to regulate crypto assets

Doha climbed 13 places to 34th, Bahrain fell eight places to 59th and Riyadh fell one place to 69th.

Globally, New York led the index after climbing one place to overtake London, Hong Kong and Singapore maintained their positions in third and fourth, Shanghai climbed one place to fifth and Tokyo fell one place to sixth.

Sydney climbed two places to seventh, Beijing three places to eighth, Zurich seven places to ninth and Frankfurt 10 places to 10th.