Dubai has jumped four places to 15th in a new global ranking of financial centres, ahead of neighbouring Abu Dhabi.
The Global Financial Centres Index, produced by China Development Institute and Z/Yen Partners, showed that Abu Dhabi fell one place to 26th while Bahrain dropped eight places to 59th and Riyadh fell to 69th out of a total of 110 centres analysed.
The report, which placed Dubai eighth for banking, ninth for professional services and 15th for investment management and insurance, comes as Dubai International Financial Centre (DIFC) announced strong growth during the first half of 2018.
It said the total number of active registered companies in DIFC reached 2,003 at the end of June, up eight percent from 1,853 as of the end of December 2017 and 14 percent year on year from 1,750.
Globally, New York took first place in the index, just two points ahead of London. However both centres fell slightly in the ratings. Hong Kong is now only three points behind London while Shanghai overtook Tokyo to move into fifth place in the index gaining 25 points in the ratings.
Beijing, Zurich, and Frankfurt moved into the top 10 centres, replacing Toronto, Boston, and San Francisco.
In Western Europe, Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly as these centres may be the main beneficiaries of the uncertainty caused by Brexit.
Mark Yeandle, director of Z/Yen and the author of the report, said: "In GFCI 23 (last year's report) the leading centres all rose and the lower ranked centres fell. There is a much less clear pattern in GFCI 24.
"London and New York both few slightly, Asian centres did well and the North American centres fell back a little. Europe continues to interest us with potential beneficiaries of Brexit such as Frankfurt and Zurich doing well.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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