Dubai shines in latest global finance survey

Dubai is the number one financial centre in the world in a list of those most likely to become more significant on the world stage in future.The emirate also came out on top - beating the likes of New York, Geneva and London - when companies were asked where they would like to establish new regional offices in the next few years.

Dubai led the charge for the Middle East in the Global Financial Centres Index, which ranked the emirate in 22nd place overall, ahead of Qatar (45th) and Bahrain (43rd).

The survey is published every six months by the City of London and the Z Yen Group and ranks and rates each major financial centre in the world in terms of competitiveness. A total of 59 financial centres were assessed.

In the main ranking of financial centres, London came first, followed closely by New York. Dubai was ranked as 22nd, up one place from the previous study.

The survey found that both London and New York had lost ground since February in the wake of financial crises and huge job losses in financial services.