Blitz Bureau
Dubai has emerged as one of top five cities globally for fintech for the first time, according a new ranking, reported Khaleej Times. Dubai’s progress as one of the world’s leading global financial centres has been recognised in the latest edition the Global Financial Centre Index rankings, published by Z/Yen in London.
The index rates 119 financial centres across the world combining assessments from financial professionals with quantitative data which form instrumental factors. Dubai was categorised 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.
Dubai’s overall ranking advanced to 12th in the latest rankings. Dubai becomes number one (most mentioned) financial city, and is expected to become more significant. Dubai is the only financial city in the region that appears in the top 15 categories for being globally competitive: 9th – infrastructure, 10th – business environment, 11th – reputation (includes laws, regs and innovation), and 12th – human capital
Dubai is the only financial city in the region that now appears in any of the top 15 cities list for each of the following sectors. It was ranked fifth in fintech, sixth in professional services, eighth in investment management, 13th in trading and 14th in banking/finance. A total of 31,314 financial centre assessments were collected from 4,946 financial services professionals who responded to the GFCI online questionnaire. The GFCI is updated regularly, and ratings change as assessments and instrumental factors change.
Essa Kazim, Governor of DIFC said: “With Dubai being one of only eight cities worldwide to be recognised 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. 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 centre.”
