Dubai has been ranked the 18th best international financial hub by the Z/Yen Group, London’s leading commercial think tank, in partnership with China Development Institute in its latest Global Financial Centers Index (GFCI) 30 report.
According to the report, Dubai is the only city in the Middle East and North Africa (MENA) region to take the prestigious spot among other top 20 financial powerhouses such as London, New York, Hong Kong and Singapore.
Dubai, with a score of 694 points, extended its extraordinary performance in developing an ecosystem that encourages financial industry growth. World-class financial zones, such as Dubai International Financial Centre (DIFC), have played a key role in Dubai’s transformation into a desirable destination for financial companies and fintech during the last two decades.
The city has led the way in supporting innovative FinTech trends, as evident in the establishment of the FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia region, located within DIFC.
Abu Dhabi has been ranked 36th with a score of 672, second in the region. The report also suggests that Abu Dhabi and Dubai remain in the top 10 lists of countries where people would like to live and work due to the comfortable workspace, ease of doing business and better living quality.
Dubai has been successful in establishing itself as a business and investment hub that rivals among the greatest in the world mainly due to many investor-friendly laws and regulatory frameworks and partnerships. The financial sector is a cornerstone of the UAE’s economy and Dubai is a preferred destination for global investors and a regional hub for international trade.