Backed by its strong infrastructure, banking and financial services, Dubai has retained its top ranking in the region in the list of the world’s top financial centers and improved its global ranking by four places.
According to the Global Financial Centre Index released on Wednesday, Dubai was ranked 15th worldwide, higher than Paris, Geneva, Los Angeles, Luxembourg and Vienna, among others.
The improvement in Dubai’s rating was backed by its strong infrastructure where it was ranked eighth worldwide, ahead of San Francisco, Toronto, Frankfurt, Zurich and Paris. Similarly, the emirate was rated ninth in human capital and financial sector development, surpassing most of the global financial centers.
In sub-indices, Dubai was rated eighth in banking, ninth in professional services and 15th in investment management and professional services.
Dubai’s improvement in the global rating can be attributed to the consistent influx of foreign companies into the Dubai International Financial Centre, the top financial centre in the region, which recently reported that the total number of active registered companies in the free zone reached 2,003 at the end of June 2018, up eight per cent from 1,853 as of December 31, 2017.
Abu Dhabi slipped one place to 26th worldwide but recorded improvement in its rating. The UAE capital was ranked first in global leaders.
According to the Global Financial Centre Index 2018 ranking, Dubai has been bracketed into ‘stable centers’, Abu Dhabi into ‘dynamic centers’ and Doha in ‘unpredictable centers’.
Source: Khaleej Times