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23 May 2024

Dubai tops Middle East Cities of the Future list

With communities such as Jumeirah Beach Residence, Dubai has one of the highest standards of living in the Middle East. (DENNIS B MALLARI) 

By Staff Writer

Dubai is top of the league in the Middle East Cities of the Future ranking by fDi magazine, scoring highest points for economic potential, business friendliness, infrastructure and quality of life.

Dubai scored 471 amongst 20 cities in the region evaluated, with Jeddah, Abu Dhabi, Manama, Riyadh and Ras Al Khaimah in the next five places, respectively.

Produced by the Financial Times group, fDi is the premier publication for the business of globalisation, and is regarded as the single most trusted source of information for firms involved with international expansion.

The Middle East Cities of the Future were ranked according to 76 criteria listed under economic potential, business friendliness, tax and other costs, human resources, quality of life, infrastructure and foreign direct investment. Dubai ranked highest in four of these categories. The result for Dubai is based on an evaluation of 76 parameters that, in essence, cover the entire aspects of the economy.

The Economic Potential category, in which Dubai topped the list, evaluated parameters such as 2009 GDP growth forecast, National GDP, economic initiatives, inflation, cash surplus, high-tech exports, industrial production growth and growth of urban population.

"The top score of Dubai in the Middle East Cities of the Future ranking is a testimony to the concerted approach of Dubai Department of Economic Development (DED), under the guidance and leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to create a high-growth environment and boost the economy by implementing strategies to attract foreign investment," said Sami Al Qamzi, Director-General of DED.

"One of the focal areas of DED is to create a robust and business-friendly destination with utmost ease in setting up and managing businesses. The success of our approach has been reiterated by the high scores achieved in the fDi ranking. DED's foreign investment office headed by Fahad Al Gergawi is dedicated to attracting regional and international foreign investment in Dubai, and one of the key objectives is to develop closer co-operation with key investment partners."

Al Gergawi said: "This top-ranking highlights the opportunities that exist in Dubai for investors when evaluating the potential for international expansion. Dubai is very investor-friendly and enjoys a strategic location. The recognition as a leading destination by fDi reinforces our commitment to ensure that our global partners realise and experience the advantages offered by Dubai."