Dubai has been ranked third best among Top 10 prime global cities, with New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco being among the other best ranked, according to the UK-based ‘The Economist’.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai tweeted his achievement saying “Dubai secured the third position among 10 prominent global cities, reflecting its performance over the last three years.”
“This great achievement can be attributed to the visionary leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious targets set by Dubai Economic Agenda (D33), which has supported Dubai in its goal to become one of the world’s leading urban economies,” Sheikh Hamdan said.
Launched by Sheikh Mohammed, the key goal of D33 is to double the size of Dubai economy over the next decade, and to consolidate its position among top three global cities.
The Dubai Crown Prince took the opportunity to than all government and semi-government entities as well as private sector partners who have united as a team to raise Dubai’s global standing among various sectors.
The index was created based on four categories – population, economic growth, house prices and office vacancies. To create an overall score, every city was ranked based on performance of the said categories.
According to the report, Miami claimed top spot, thanks to strong economic growth and perky property market, where the real house prices grew by 39.5 percent from 2019 to 2022.
Singapore was ranked second, followed by Dubai in third place with a population spike of 5.8 percent in the past three years. New York took the fourth spot, followed by London, Tokyo, Sydney, Johannesburg, Paris and San Francisco in the fifth, sixth, seventh, eighth, ninth and tenth spot respectively.
In most cities, the twin blows of Covid and geopolitical tension proved to be more of a problem. Cities in parts of the world that did not go overboard on restrictions like Dubai, Miami etc benefited at the expense of those that did, like San Francisco.
As for advantages, Dubai and Singapore offer year-round warm weather, with lenient regulation. Singapore for instance, has offered tax breaks at family offices, helping lift their number to 1500 in 2022, from 50 in 2018. Dubai meanwhile, has introduced social reforms decriminalising alcohol, and the cohabitation of unmarried couples.