New Report Shows Dubai Is Most Competitive City In Middle East
A new report has revealed that Dubai is the most competitive city in the Middle East
, closely followed by Abu Dhabi.
The global rankings were published in a report by the Economist Intelligence Unit (EIU), which was commissioned by Citi. The Hot Spots report ranked 120 world cities across eight distinct categories of competitiveness and 31 individual indicators. Categories include economic strength, human capital, institutional effectiveness, financial maturity, global appeal, physical capital, social and cultural character, as well as environment and natural hazards.
Dubai came 40th globally, followed by Abu Dhabi, which was 41st. The gap between the two UAE cities was incredibly narrow. Dubai scored 55.9 points while Abu Dhabi was awarded 55.8 points.
Economic boom changes landscape
The report said: "Economic boom is altering the landscape of leading cities more rapidly than at any point in human history. In an unprecedentedly short space of time, cities such as Dubai, Shanghai and Shenzhen have carved out a new physical identity to match their rapid economic emergence. Dubai, Santiago and Singapore are just three examples of cities with specific programmes in place to attract talent from elsewhere. Dubai is rapidly building a business friendly, zero tax environment to attract workers."
Dubai finished ahead of many world cities in the report, including Barcelona, Shanghai, Milan and Rome. But the top spots out of 120 cities in the global competitiveness league were taken by New York, London and Singapore.
After those three came Paris and Hong Kong (joint 4th), Tokyo, (6th), Zurich (7th), then three more cities in the US - Washington, DC (8th), Chicago (9th), and Boston (10th).
No city excels in every category. In the most important eight categories, different cities ranked first each time. They were Tianjin (economic strength); Dublin (human capital), Zurich (joint first in financial maturity and institutional effectiveness; social and cultural character); Vancouver (joint first physical capital); London (global appeal) and Montreal (environment and natural hazards).
Dubai ranks high in Financial Maturity
The data in the report was complex and different cities cored well on different measures. In the important classification of Economic Strength, Dubai was ranked 10th in Financial Maturity.
Dubai's high standing in the report is encouraging for property investors who can bank on the city's continued dynamism. The rising interest in property should help Dubai's many new hotel developments, such as The First Group's two prestigious hotel apartment projects in Tecom; Metro Central and Grand Central, which are situated in the bustling business district of Tecom in the heart of "New Dubai". Such high-end developments are attractive to investors as the luxury end of the market did particularly well in 2011, soaring 17.6 per cent.
The EIU also recently published a separate piece of research on the world's most expensive cities. Dubai is often perceived as an expensive place to live, but this turned out to be erroneous. Both Dubai and Abu Dhabi were among the least expensive cities in the study and Dubai, in particular, is becoming less and less expensive. Dubai fell 16 places from 78th position in 2011 out of 140 metropolitan cities surveyed to 94th in 2012.
by: Stuart Castle
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