Dubai climbs 6 places in hot-spots list

05/06/2013 - Dubai Investment News emirates 24/7
Dubai climbs 6 places in hot-spots list

Dubai's position in Economist Intelligence Unit’s (EIU) list of world most competitive cities in 2025 has strengthened with the emirate rising six places in 2013 from last year to be ranked 23rd on the list.

The EIU research report, “Hot Spots 2025: Benchmarking the Future Competitiveness of Cities,” commissioned by Citi, released on Wednesday, reveals several cities in the Middle East are among the top climbers in the 2025 city competitiveness index, which compares 120 cities.

Doha placed 24th rose 14 places from 2012; Abu Dhabi (39th) is up two places; Kuwait City is placed 63rd, rising 12 places, Muscat hold the 64th position, up 14 places; and Riyadh is 87th, rising 11 places.

“Dubai is a good all-round performer and improves its ranking in seven out of eight categories. Its competitiveness is in part owing to the fact that the city has been planning actively for a future without petrochemicals for some time,” the report said.

Dubai ranks 44th overall on economic strength, re?ج¨‚Äöecting the rapid growth of its tourism, real estate and ?ج¨¬Ånancial services sectors. Its low-tax and pro-business economic philosophy continues to attract businesses and people as Dubai attempts to expand its status as a “global city and ?ج¨¬Ånancial and cultural hub of the Middle East and the Gulf region.”

The emirate is making major strides in terms of competitiveness in the categories of human capital (5th), ?ج¨¬Ånancial maturity (9th), global appeal (31st) and physical capital (37th).

“Already global business is beginning to plan strategy from a city, rather than a country, perspective and it is Citi’s role to help these urban centers compete on the global stage,” said Atiq Ur-Rehman, Citi’s Chief Executive Officer for the Middle East Division.

Dubai, according to Knight Frank, saw property prices rising 18.3 per cent in the past one year (March 2012 to March 2013), thus it remaining among the top five best performing real estate markets in the world.

Besides, CBRE’s 2013 edition of “How Global is the Business of Retail?” revealed that Dubai had retained its position as the second most important international retail destination globally, with London continuing to hold the top position.

Last month, MasterCard’s Global Destination Cities Index forecast that looks at 132 locations around the world put Dubai at the seventh place in the top global destination cities in 2013.