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Dubai’s ranking has been spurred by the exceptional development of the Dubai International Financial Centre. Image Credit: Ahmed Ramzan/ Gulf News Archives

Dubai: Dubai has risen up the ranks of the Global Financial Centres Index (GFCI) to eighth position, representing its highest ever ranking, according to a statement from Government of Dubai’s Media Office.

According to the latest ranking, the city is the only financial centre within Middle East Africa and South Asia (MEASA) region to appear within the top 10 rankings, placing it alongside other pivotal financial hubs such as London, New York, Hong Kong and Singapore.

Dubai was most recently placed number 12 within the Index in March 2019 and has consistently risen within the rankings, since the Index was launched 12 years ago. Dubai has moved up 17 places since first appearing in 25th place in the inaugural report in 2007, and the latest placement represents an increase of seven GFCI rating points compared to March 2019.

“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,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC.

Established in 2007, the GFCI is released twice a year by London-based Z/Yen and the China Development Institute and provides evaluations of competitiveness and rankings for the major global financial centres. More than 114 centres were evaluated as part of the 26th GFCI ranking, using more than 133 instrumental factors.

“Our sights are set firmly on the goal of becoming the No. 1 ranked global financial centre. We will also continue to work closely with the industry to help them deliver value and find new opportunities for growth,” Sheikh Maktoum said.

Dubai’s ranking has been spurred by the exceptional development of the Dubai International Financial Centre, the leading financial hub in MEASA and home to the largest and most developed financial ecosystem in the region.

“The recognition of Dubai as a top ten global financial centre is testament to the commitment we have made to our community, our valued stakeholders and global partners. The DIFC’s continued pursuit of excellence and our focus on innovation is delivering on our blueprint for sustainable growth as we continue our journey towards transforming the future of finance,” said Essa Kazim, Governor of DIFC.

Dubai recognised in all key areas of excellence

Dubai: The new GFCI ranking recognises DIFC’s strengths within all five major areas of the Index including Business Environment, Human Capital, Infrastructure, Financial Sector Development and Reputation, reflecting its emergence as a broad, deep, dynamic and stable financial centre.

The Centre has been at the forefront of developing its business environment, the number one factor influencing global competitiveness for financial centres, and enhancing its legal and regulatory framework to fuel growth opportunities within the MEASA region.

With more than 24,000 professionals working across over 2,200 active registered companies, the DIFC comprises the largest and most diverse pool of industry talent in the region. Investment into developing regional talent development continues to be an important factor impacting growth. Dubai’s connectivity to the MEASA region is another significant factor enabling organisations to seamlessly service business opportunities in the wider region from the Centre.

As the leading global financial centre in the MEASA, DIFC is at the forefront of financial sector advancement. The index highlights the strong presence of international institutions, government backing and diversity of financial sector offerings. DIFC’s Wealth and Asset Management market which was reported to be $424 billion in 2018 is equivalent to approximately 30% of the GCC’s combined GDP.

Dubai was recognised for reputational advantage as the top global financial centre in the region and is seen as a well-established and widely recognised leader, driving finance within the region. Innovative and global competitiveness were seen as key factors driving the ranking.