Dubai named among the world’s ‘most powerful cities’

06/11/2017 - Dubai Investment News
Dubai property investment opportunity - The First Group
Dubai named among the world’s ‘most powerful cities’

Dubai has been confirmed as one of the best places to do business and one of the world’s ‘most powerful cities’ in two new globally recognised reports.

In the Global Power City Index (GPCI) 2017 report published by Mori Memorial Foundation Institute for Urban Strategies, the emirate ranked 23rd among 44 cities tabled. It ranked above cities including Madrid, Washington DC and Barcelona.

According to the Mori Institute, Dubai posted strengths in the categories of “Cultural Interaction” (9th) and “Economy” (11th) mainly owing to its competitive corporate tax rates and its significant number of luxury hotel rooms.

London, New York and Tokyo took out the top three positions respectively in the report.

Meanwhile, Dubai continues to enhance its standing as one of the world’s best destinations for real estate investment and doing business, with the emirate ranking first in the Arab world and second globally in regard to the ease of issuing building permits.

The ranking was a highlight of Dubai’s listing in the World Bank’s annual Ease of Doing Business Report, which showcases the merits of the world’s most advanced economies.

Dubai also ranked first in the region for the ease of enforcing contracts for the third year running.

Overall, the UAE ranked 12th globally in terms of the ease of doing business, achieving a score of 74.02, compared to a regional average of 54.21.

The Ease of Doing Business Report analyses 11 key factors in assessing each city, including the quality of support structures and mechanisms in place for start-up businesses, securing credit facilities, protecting minority investors, trade facilities including domestic and export/import support, and enforcing contracts.

Dubai property investment opportunity - The First Group