Dubai tops the top 10 financial centers as DIFC edging out New York, London and Hong Kong
Dubai is rapidly emerging as one of the world’s capital cities, outpacing traditional hubs such as New York, London and Hong Kong, according to the findings of the International Financial Center (Difc).
With more than 8,000 active companies and more than 1,500 Fintech, ai and Innovation companies, Dubai is now ranked among the next financial centers around the world.
The Emirate’s rise is bolstered by Difc’s record number of regulated financial firms – More than 1,000 are overseen by the Dubai Financial Services Authority – making it the region’s leading hub for global finance, digital assets, and technology growth.
DIFC research highlights Dubai’s growth
Difc’s Six Futures of the Financial Horizons, entitled “The Next Financial Cities: New Models for Attracting Global Capital”, examines how Dubai and other emerging centers are emerging as long-standing financial institutions.
The report was launched with Asia House during a global summit attended by 600 senior executives.
According to difc, emerging hubs like Dubai benefit from a unique combination of strategic transformation, advanced regulatory frameworks, and a business-friendly environment.
In contrast, traditional hubs face rising operating costs, aging infrastructure, political uncertainty and regulatory oversight.
Dubai is rising in all the financial areas of the world
Dubai’s rise is reflected in its performance in world ranking reports, including the Global Financial Index, where it is now out of the top 10.
Professor Michael Mainelli, President of the London Chamber of Commerce and industry, when we launched the index in 20070, Dubai had closed 570 to 748 points, placing just outside the top 10.
“At that time, Dubai was three points above the average; now, it is 51 points ahead.”
Recent research identifies four pillars that are shaping the future of finance:
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- Financial infrastructure and flexibility
- Control and Governance
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difc has invested heavily throughout its general legal framework and special financial regulations in a major effort to attract global technology talent and Deencen Innosystems.
Arif Amiri, CEO of Difc Authority, said that emerging hubs are implementing changes and adopting new models from established institutions. He noted that Dubai has “unique features that give it a special competitive advantage”, included in strong management and regulatory reform.
Voices Global highlights the attractions of Dubai
Industry leaders interviewed for the report highlighted why Dubai is increasingly attractive to international workers and institutions:
- Dr. Jochen Biegermann, Managing Director of the World Alliance of International Fornias Centers, says that with global talent, the quality of life – including schools, safety and green spaces – is becoming more and more important as business competitiveness.
- Wolfgang Engel, General Manager and regional representative at the Center for International Finance for the Middle East and Africa, said that the interoperability of Fintech standards, cross-border flows should be bound
The report emphasizes that Dubai is already out of step with global trends, supported by a rapidly expanding innovation ecosystem.
Difc-based firms have raised more than $4.2bn in investment, enriching the institution’s status as the most efficient environment for growth in the region.
The growth of the difc is also contributing to a wider shift in global finance to a coherent network of connected financial institutions – a future in which Dubai is expected to play a leading role.
