DIFC ranks seventh among 15 regional, global financial centres

Dubai: The Dubai International Financial Centre (DIFC) ranks seventh among 15 international and regional financial centres, according to a study released on Tuesday by DIFC in association with KPMG in the UAE.

DIFC conducted the study, but commissioned KPMG to do an independent review of the ‘International Financial Centres Competitiveness Assessment Report' prepared by DIFC.

KPMG reviewed the assessment methodology and ranking model developed by DIFC, as well as verified the external sources used in the Report.

The study assesses DIFC "as a separate entity benchmarked against 14 other leading international and regional financial centres in order to measure their competitiveness," the report said.

"The DIFC is another example of a financial centre that has grown rapidly due to its robust capabilities," said Ahmad Humaid Al Tayer, Governor of the DIFC. "Within just five years, DIFC has grown into a community of over 850 companies and 14,000 professionals, from all over the world."

Comparison

The report ranks the competitiveness of 15 international financial centres based on an overall score, which combines scores across three pillars — Industry Opinion, Industry Performance, and Capability Measurement.

These pillars are based on data collected from recent international reports published by the World Economic Forum, the International Monetary Fund, World Bank and others.

The focus on ‘competitiveness' puts the spotlight on the potential of a centre to excel in the future and not just on its current status, the report says.

Financial centres in Singapore and Hong Kong are among the top five, competing with centres in Europe such as London and New York.

Although these European centres remain strong, "the perceived impact of the financial crisis and consequent events seem to have impacted their overall competitiveness," the report said.

The report also sheds light on the factors behind the rise of Dubai as a business and financial centre.

Factors such as location, political and economic stability, and the free and open nature of the economic system are some of the contributing factors to Dubai's current status as a business and financial hub in the Middle East and througout the world.

Al Tayer said that the results prove that the interdependent relationship between the DIFC, Dubai and the UAE has served to enhance the prominence of Dubai, the UAE and the Middle East in the global financial services industry.

"Post the financial crisis, financial centres around the globe are focusing on rebuilding confidence and activity by providing an ideal platform for financial services," said Vijay Malhotra, Chairman and CEO of KPMG in the UAE.

"The results of the report clearly highlight that, leveraging on DIFC's immense potential, Dubai is all set to play an important role in the global financial services industry map."

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