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Dubai only city in MENA ranked in top 20 in GFCI

Finance, Business Dubai 28 Sep 21
Dubai only city in MENA ranked in top 20 in GFCI
Dubai reinforces its status as an international financial hub of choice by climbing one rank to remain among the world's top 20 vibrant financial centres.
Event Location
Dubai, Dubai
Start Time
28 September 2021, 12:00 AM
End Time
31 October 2021, 12:00 AM

Dubai is ranked 18th in the latest Global Financial Centres Index (GFCI). Dubai is the only city in the Middle East, South Asia and Africa region to take the prestigious spot alongside other financial powerhouses such as London, New York, Hong Kong and Singapore.

While New York easily kept the top spot in the index, London held on to second place as Chinese cities slipped, according to the ranking published on Friday.

The index, published by the Z/Yen Group in partnership with think-tank China Development Institute, will come as a relief to London in particular after it lost access to the European Union financial market when Britain completed its journey out of the bloc's orbit last December.

Michael Mainelli, executive chairman of Z/Yen said, "The relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance despite radical changes in working practices during the last 18 months."

With a rating of 694 points, Dubai improved phenomenal success in building an ecosystem that fosters financial industry growth. Playing a pivotal role in Dubai's transition over the past two decades as a sought-after hub for financial companies and fintechs are world class financial zones including Dubai International Financial Centre.

Financial industry sources said the enhanced ranking further underscores the region's economic potential and the brightening prospects of Dubai as the destination of choice for international organisations, emerging companies, and the financial technology leaders to collaborate to deliver exponential growth.

Dubai business news 2021Dubai Global Financial Centres Index

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