Dubai Emerges as a Top Financial Centre
Dubai has made it to the list of top 10 financial centres in the world for the first time since the index was launched in 2007. The city is ranked at 8th position and happens to be the only financial centre in the Middle East and South Asia to appear in the top 10 rankings.
The rise in Dubai’s ranking from 12th (in March) to 8th position shows how drastically the city has developed as a financial centre in the last couple of months. According to His Highness 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.”
“Our sights are set firmly on the goal of becoming the number one-ranked global financial center. We will also continue to work closely with the industry to help them deliver value and find new opportunities for growth”, he added.
As per 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. 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.”
The Global Financial Centers Index was established in the year 2007 and is released every half-yearly by London-based Z/Yen and the China Development Institute. This time, more than 114 centers were evaluated based on over 133 instrumental factors.