Dubai has made major progress in recent years, transforming into one of the world’s leading global financial centers. This progress has been recognized in the latest edition of the Global Financial Center Index rankings with success being attributed to DIFC’s achievements over the last 20 years. Dubai’s overall ranking advanced to 12th on the index.
“With Dubai being one of only eight cities worldwide to be recognized as a global leader in the financial industry, we are proud to be shaping the future of global finance and contributing to the Dubai Economic Agenda. Dubai’s emergence as a top-five global FinTech hub for the first time is a testament to our continuous commitment to innovation and excellence, driven by the forward-thinking initiatives of DIFC,” stated Essa Kazim, governor of DIFC.
Dubai ranks 5th globally for FinTech
In the latest Global Financial Center Index rankings, Dubai became one of the top five cities globally for FinTech for the first time, driven by DIFC initiatives. Dubai was also categorized as only one of eight cities in the world to be a global leader with ‘broad and deep’ capabilities across all parts of the finance industry, alongside cities including London, New York and Paris
The city also ranked first as the financial city expected to become more significant. “With Dubai becoming the most mentioned financial city in terms of expected to become more significant in the years to come, we reaffirm our position as the region’s leading global financial center,” added Kazim.
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Dubai among top 15 in global competitiveness
Dubai is also the only financial city in the region that appears in the top 15 categories for being globally competitive. It ranked 9th in infrastructure, 10th in business environment, 11th in reputation, and 12th in human capital.
“Dubai’s continued rise in the Global Financial Center Index reflects DIFC’s unwavering commitment to further develop the region’s number one financial ecosystem. As the only financial city in the region to rank in the top 15 for global competitiveness across multiple categories, our leadership is evident,” stated Arif Amiri, CEO of DIFC Authority.
Dubai is also the only financial city in the region that now appears in any of the top fifteen cities list for each of the following sectors:
- 5th in FinTech
- 6th in Professional Services
- 8th in Investment Management
- 13th in Trading
- 14th in Banking and Finance
Published by Z/Yen in London, the Global Financial Center Index is the most credible index for the financial services industry. It rates 119 financial centers across the world, combining assessments from financial professionals with quantitative data which form instrumental factors. The index collected 31,314 financial center assessments from 4,946 financial services professionals who responded to the GFCI online questionnaire.
“Dubai’s recognition as a top performer in key sectors underscores the breadth and depth of our financial capabilities. These achievements demonstrate our strategic focus on innovation, legal and regulatory excellence, and the development of a talented workforce, ensuring that Dubai remains at the forefront of global finance,” added Amiri.
