Dubai has been ranked the world’s number one FinTech location by industry professionals, while the emirate has also moved up to second globally for Professional Services in the latest Global Financial Centres Index (GFCI).
The latest ranking further places Dubai sixth globally for reputation and first for future potential, with the emirate retaining the top spot in the latter category for the fourth consecutive GFCI report.
Dubai is also the only financial centre from the Middle East, Africa and South Asia region to feature in the GFCI’s global top 10.
Dubai FinTech ranking reaches No. 1 globally
The FinTech ranking is based on assessments from financial services professionals around the world, rather than solely on a measure of the number of companies or investments in the sector.
The latest GFCI collected 39,531 assessments from industry professionals worldwide through its online questionnaire. The index combines these responses with 143 instrumental factors.
The results put Dubai at the top of the global FinTech ranking, highlighting the emirate’s standing in a sector that is increasingly important to financial services and emerging technology.
Dubai climbs to second for Professional Services
Dubai’s progress in the latest GFCI extends beyond FinTech.
The emirate has risen to second place globally for Professional Services, while its global reputation ranking has improved to sixth.
Dubai has also retained first place for future potential, a position it has held for four consecutive GFCI reports.
Taken together, the rankings cover several aspects of Dubai’s financial-centre position, including how professionals assess its current capabilities, reputation and future prospects.
What the GFCI rankings are based on
The Global Financial Centres Index is compiled by London-based consultancy Z/Yen in collaboration with the China Development Institute.
Its latest edition combines industry professionals’ assessments with a set of instrumental factors. The professional assessments came from respondents worldwide who participated in the GFCI online questionnaire.
DIFC Governor Essa Kazim said: “The GFCI results reinforce Dubai’s position as a world leading financial centres and underscore the success of the vision set by our leadership through the Dubai Economic Agenda D33. DIFC has played a pivotal role in advancing Dubai’s global competitiveness by attracting leading financial institutions, talent and innovation from around the world, while providing the regulatory, legal and business environment required for sustainable growth. As Dubai strengthens its position at the heart of the global financial system, DIFC will continue to support the emirate’s ambitions and reinforce its standing among the world’s most influential financial centres.”
DIFC Authority CEO His Excellency Arif Amiri said: “Dubai’s position in the GFCI is underpinned by the strength and scale of DIFC, and validated by the assessments of financial services professionals worldwide. As the largest ecosystem of regulated financial firms in the Middle East, Africa and South Asia region, and the only financial centre in the region operating at scale across banking, capital markets, wealth and asset management, insurance and FinTech, DIFC provides a unique platform for innovation, growth and collaboration. This depth and diversity enable us to continue developing the financial services industry, accelerating the adoption of emerging technologies and helping shape the future of the global financial landscape.”
tanvir@dubainewsweek.com
