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FINANCE

Dubai rises to eighth spot in GFCI ranking

Dubai ranking, Global Financial Centres Index

This marks Dubai’s highest ever ranking since GFCI’s inaugural report in 2007

Dubai has managed to secure its highest ever ranking in the latest Global Financial Centres Index (GFCI), a ranking of the competitiveness of 114 major financial centres around the world. Coming in at the eighth place, Dubai was the only city from the Middle East, Africa and South Asia region that made it to the top ten rankings, placing it alongside other major financial hubs such as London, New York, Hong Kong and Singapore.
The latest ranking which is compiled using 134 instrumental factors is significant for Dubai considering it has moved up 17 places since GFCI’s inaugural report in 2007. While the city has consistently risen since the GFCI was launched 12 years ago, this is the first time it has made it to the top ten.
Deputy ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, credited Dubai’s steady improvement in the GFCI rankings to the Dubai International Financial Centre, one of the world’s most advanced financial centres, which also acts as the leading financial hub for the Middle East, Africa and South Asia. He said DIFC’s efforts in building a successful ecosystem aimed at fostering financial industry growth had helped the city improve its ranking over the years. He further added that it would going forward aim to secure the first rank in the GFCI ranking by further increasing its commitment to supporting the financial industry and making Dubai a leader that would play a prominent role in shaping the future of the global financial landscape.
Meanwhile other countries that ranked in the top ten include New York, London, Hong Kong, Singapore, Shanghai, Tokyo, Beijing, Shenzen and Sydney. Within the Middle East, Abu Dhabi, Doha and Bahrain managed to rank within the top 50. They secured 32, 39 and 47 ranks respectively.

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