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Dubai ranked fifth financial centre worldwide

Posted: 19 August 2008

Dubai is ranked fifth financial Centre in the World outside America and Europe according to a study undertaken by UK-based global research organisation Chatham House.

The study titled ‘The Gulf as a Global Financial Centre: Growing Opportunities and International Influence' examines the prospects for the economies of the Gulf Cooperation Council (GCC) countries and the potential development of the region as a Global Financial Centre.

Elaborating on Dubai's leadership in the region's financial industry, the study pointed to Dubai's high ranking in the City of London's Global Financial Centres Index (GFCI) for March 2008. The Index ranked Dubai 24th, ahead of cities like Shanghai, Stockholm, Brussels, Mumbai and Madrid.

Dubai was also cited by the survey as being the number one among financial centres to "become significantly more important over the next two to three years." As a destination where businesses are thinking of opening in the next few years, Dubai was ranked number one. Bahrain was ranked 39th while Qatar was ranked 47th in the overall GFCI Index.

H.E. Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said, "Dubai's high international ranking in the global financial industry is a tribute to the economic vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. His guidance has inspired the development of the DIFC, the institution that has primarily been responsible for transforming Dubai into a global financial centre. With the new initiatives being undertaken by DIFC, Dubai is poised to develop further as an industry hub that rivals many of the world's most prominent financial centres."

"If successful, this development move could open up a much larger role for the GCC in global debt markets, especially across the Middle East and Asia. This would be sufficient to provide a massive ‘hinterland' within which the GCC's financial markets could operate, allowing them to achieve the target of becoming a global financial centre," the study pointed out.

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