Dubai soars to number eight amongst global financial powerhouses

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 in the Middle East, Africa and South Asia region to appear within the top 10 rankings, placing it alongside other pivotal financial hubs such as London, New York, Hong Kong and Singapore, said a press release issued by Government of Dubai Media Office on Monday.

Dubai was most recently placed number 12 within the Index in March 2019 and has consistently risen in 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.

Commenting on the achievement, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, 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. 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 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate 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 added.

For his part, Essa Kazim, Governor of DIFC, stated, "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. 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 in January 2019 to drive forward the economy."

This ranking, he said, 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.

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.

The new 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, said the press release.