By Andy Sambidge
New index ranks Qatar 26th globally, three places ahead of Dubai in list topped by New York
Qatar has retained its title as the top financial centre in the Middle East, according to the latest Global Financial Centre Index (GFCI 15) published by the London based Z/Yen Group.
Qatar was ranked 26th globally, down two places on last year's list but remained ahead of Dubai which was placed 29th, a fall of four places compared to the previous year.
A number of Gulf-based financial centres made significant jumps up this year's rankings, Z/Yen said.
Riyadh leapt 16 places to be ranked 31st while Abu Dhabi rose 10 placed to 32nd and Bahrain improved its position to 40th, up 12 places.
Globally, New York overtook London to be the top ranked financial centre in the world while Hong Kong and Singapore were also placed in the top four.
In all, 29 out of the 83 centres covered in the list climbed in the ranks, while 47 centres declined, and four centres experienced no change.
Buenos Aires saw the biggest climb, up 21 places to 25th, while Rome saw the biggest fall, down 19 places to 54th.
The report showed that financial centres in Europe are still in turmoil with 23 of the 27 centres in the GFCI falling in the list. Significant fallers included Copenhagen, Edinburgh, Dublin, Madrid, Lisbon, and Rome.
Mark Yeandle, associate director of the Z/Yen Group and the author of the GFCI, said: "London sees the largest fall in the top 50 centres. This seems to be based on a number of factors including fears of regulatory creep, uncertainty over Europe, the perception that London might be becoming less welcoming to foreigners and perceived levels of market maniputation."
The Global Financial Centres Index is compiled using assessments completed by 3,246 financial services professionals, Z/Yen said.
Well if you ever needed proof of "lies,dammed lies, and statistics, then this is it.
is this a joke?
Surely if your metrics were how many people do financial stuff and how much financial stuff gets done then you would be hard pushed to look much past Dubai and DIFC.