Dubai has reigned “supreme in the Middle East,” sitting in 17th place of the Global Financial Centres Index 32 by Bloomberg.
Abu Dhabi followed Dubai as second regionally, with a global rank of 32 on the list. Doha was ranked 57 and Riyadh 98.
New York and London retained their positions as world’s top two financial centers, but there was a change in third position. Singapore made a big jump of three places and took over from Hong Kong, which was pushed down to No4, after being battered by its strict COVID-19 protocols and an exodus of talent.
Also, Dubai climbed to No9 in the ‘Future Prospects’, in which the GFCI questionnaire asks respondents which centres they consider will become more significant over the next two to three years. Dubai got 63 mentions, while Abu Dhabi was tied 12th with 40 mentions.
“The index, compiled by think tanks Z/Yen Partners and the China Development Institute, ranks 119 financial centers and uses data collected from thousands of financial services professionals responding to an online questionnaire,” Bloomberg said.
DIFC is considered the leading global financial centre in the Middle East, Africa and South Asia. The growth in the number of operating companies led to creation of jobs, as a result the demand for commercial space also surged.
Dubai International Financial Centre (DIFC) witnessed robust growth this year, with the total number of companies operating in DIFC increasing from 3,297 to 4,031 at the end of June 2022. This showed an increase of 22 percent from last year.
To support the growth of fintech and innovation companies in the region, DIFC has expanded its Innovation Hub proposition by launching a global Venture Studios hub and introducing a $100 million Venture Debt Fund.
Additionally, in August this year, DIFC launched a hub for family businesses and ultra-high net worth individuals to assist them in legacy and succession planning.
The new centre will provide private wealth support services, including advisory and concierge services, education and training, high-end networking, and dispute resolution assistance.
San Francisco, Shanghai, Los Angeles, Beijing, Shenzhen and Paris rounded up the top-10, according to the report.
Tokyo had the biggest fall from top-10 position as it tumbled down seven spots to the 16th. Sydney moved up 10 places but failed to crack the top-10 and was at 13.
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