By Staff writer
Dubai is ranked 11th globally in the 2017 edition of JLL’s City Momentum Index, bucks Middle East slowdown
Dubai has been named among the most dynamic cities in the world, according to JLL’s City Momentum Index 2017 report.
The annual report looks at the fastest-changing cities around the globe, tracking the speed of their changing economy and commercial real estate market, while identifying hubs that have the most dynamic attributes over the short and long-term.
Placed 11th in the global top 30, Dubai finished just behind Nairobi (10th) and London (6th) while Indian powerhouse Bangalore topped the list, followed by Ho Chi Minh City, Silicon Valley, Shanghai and Hyderabad.
The Index covered 134 major established and emerging business hubs across the globe, and looks at the key ingredients of population, connectivity, technology and R&D, education, environment, real estate investment, property prices and economic output.
Despite challenges and a world of heightened risk, JLL said the report highlights remarkable dynamism in major global cities, many of which are consistently outperforming their national economies.
The report said Middle Eastern and African cities have struggled to maintain momentum, with many hit by the slump in energy and commodity prices.
"The notable exception is Dubai which has re-appeared in the Global Top 30, having fallen outside the top group in the last couple of years," it noted.
The report showed that the Asia Pacific region is home to more than half of the world’s 30 most dynamic cities and real estate markets.
Four European cities sit in the Global Top 30 – London (6th), Paris (17th), Dublin (28th) and Stockholm (30th) - while Tokyo and Seoul, which were in the top 20 in the CMI 2016, have fallen out of the top positions, ranking in the mid-30s.