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Thu 19 Sep 2019 03:01 PM

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Dubai's DIFC breaks into top 10 for world's best financial hubs

Achievements of Dubai International Financial Centre are hailed by Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

Dubai's DIFC breaks into top 10 for world's best financial hubs
With more than 24,000 professionals, the DIFC has seen sustained growth in the first half of 2019.

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

The city is the only financial centre within MEASA to appear within the top 10 rankings, placing it alongside other financial hubs such as London, New York, Hong Kong and Singapore. 

Dubai was previously ranked 12th in March and has moved up 17 places since first appearing in 25th place in the inaugural report in 2007.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of the 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.

"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.”

Essa Kazim, governor of DIFC added: “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.

“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.”

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 factors.

The new ranking comes just months after DIFC unveiled its Insolvency Law in June to facilitate a more efficient and effective bankruptcy restructuring regime for stakeholders operating in the centre.

DIFC also unveiled its new Employment Law to address key issues such as paternity leave, sick pay, and end-of-service settlements to support the DIFC's workforce.

With more than 24,000 professionals, the DIFC has seen sustained growth in the first half of 2019, welcoming more than 250 new companies, and bringing the total number of active registered firms to 2,289, a 14 percent increase year-on-year.

In January, the DIFC reaffirmed Dubai's mission to become a major economic force in the Middle East by unveiling the latest phase of an ambitious expansion project that will see the centre triple in size.

DIFC is also home to the largest, most developed financial technology ecosystem in the region with over 100 international and regional FinTech firms.

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