Dubai remains region’s top financial centre

Despite the impact of financial crisis, Dubai remained regional financial centre and the emirate is expected to emerge even more important player in the coming years, according to a global survey released on Monday.

“Dubai no longer features in the top five financial centres likely to become more significant in the next few years, but despite Dubai’s publicised problems it still holds top position in the Middle East, followed by Qatar, then Bahrain,” according to Z/Yen Group’s Global Financial Centre Index.

Along with Geneva and Shanghai, Dubai was also termed Global Specialists - specialising primarily in asset management. But respondents believe that the three cities need to broaden ranges of financial services activities to become global leader.

In the Middle East, Dubai and Bahrain slipped, while Qatar moved up two places to 34th. Dubai’s ranking dropped four points to 28th while Bahrain slipped one place to 42nd.

The emirate was also ranked higher than many global onshore/offshore financial centres such as Dublin, Isle of Man, Cyaman Islands, Brussels, Madrid, Vienna, Kuala Lumpur and Riyadh etc.

North American and Asian respondents rated Dubai more highly positively than the Europeans and those based in offshore centres.

Globally, Hong Kong was ranked third while London and New York remained top financial centres as both are believed to work together for mutual benefits, according to respondents. Singapore was placed fourth in the top 10 followed by Tokyo, Shanghai, Chicago, Zurich, Geneva and Sydney.

The survey was conducted among more than 1,800 industry professionals across the globe to rank 75 financial hubs based on their business environment, market access and infrastructure.

Dubai International Financial Centre (DIFC) Authority Chief Executive Abdulla Mohammed Al Awar said earlier this month that the free zone is considering reducing fees and cutting office rental costs in a bid to help companies curb expenses and lower the cost of doing business.

DIFC chief aims to attract more companies from emerging markets such as China, Malaysia and India as economies continue to recover from the global financial crisis.
 

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