In September 2018, Dubai has jumped four places forward and has taken the 15th place in the global ranking among numerous financial centres. In fact, Dubai has ranked ahead of Paris, Vienna, Los Angeles, Geneva and many other developed and developing cities.
The Global Financial Centres Index is a ranking that is based on the competitiveness showcased by business corporations. This was initially produced by China Development Institute and Z/Yen Partners.
This ranking is derived through an online questionnaire with over 100 indices which includes World Health Organisation (WHO) and The Organisation of Economic Co-operation and Development to name a few. This is conducted among 29,000 financial centres across the globe.
Abu Dhabi has fallen one place and has ranked 26th whereas, Bahrain and Riyadh have ranked the 59th and 69th positions respectively among the 110 financial centres that were analysed. Dubai has received the highest ranking across the GCC region.
The report shows that Dubai has ranked eighth for banking, ninth for professional services and 15th for investment management and insurance with respect to Dubai International Financial Centre (DIFC). Additionally, Dubai has ranked seventh for infrastructure, ninth for financial sector development and human capital, 11th for business development and 14th in the reputational and general category. The city has continued to show tremendous growth in the first half of 2018.
Reports reveal that the total number of active registered companies in DIFC in 2018 has increased by 2,000. Overall, there has been an increase of 8% this year and an increase of 14% since 2017. Additionally, the number of companies formed in DIFC has increased by 200 with 13 firms being the top 25 companies of the world. DIFC serves as a home for more 60 funds making it an ideal place for financial business developers.
Globally, New York has taken the first place in the index followed by London. However, when compared to their previous reports, there is a slight depreciation. Hong Kong falls in the third place with just three points behind London. On the other hand, Shanghai overtook Tokyo and has moved to the fifth place in the index. Zurich, Frankfurt, and Beijing have moved into the top 10 countries leaving behind Boston, Toronto, and San Francisco.
According to Mark Yeandle, the research analysts of these reports “London and New York both fell slightly, Asian centres did well and the North American centres fell back a little.”, giving Dubai a boost to continue flourishing their financial business sector.
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