Dubai rated among global top 10 financial centres

Omobayo Azeez

Dubai has risen up the ranks of the Global Financial Centres Index (GFCI) to number eight position, representing its highest ever ranking.

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

According to the Dubai government, the city 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.

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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.

HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC said: “The city’s steady ascent in rankings has been driven by DIFC’s remarkable success in building an ecosystem that fosters financial industry growth.

According to him, 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.

“In line with the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, Dubai will further increase its commitment to supporting the financial industry and making the city a leading player in shaping the future of the global financial landscape.

“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,” he said in a statement on Tuesday.

Essa Kazim, governor of DIFC said that the DIFC had 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.

He said 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.

Kazim further noted that accelerating the growth of Dubai’s financial sector is a key priority, aligned with the Fifty-Year Charter set out by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in January 2019 to drive forward the economy.

He continued: “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.

“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.”

Meanwhile, Dubai’s continuous ascension on the rank has been ascribed to its financial sector development, robust business environment, human capital and talent development, infrastructure to fuel sustainable growth and reputation advantage.