The UAE’s financial centres have improved their economic standing but still lag behind in the list of global economic hubs.
Dubai stood at 29th position in the latest Global Financial Centres Index whereas Doha ranked 38th out of a total of 77 economic hubs covered.
Saudi capital Riyadh languished at the 70th position, the worst among Middle Eastern cities.
Dubai, faring better on many other Middle Eastern rankings, scored 641 points, 19 better than last year’s rating but well short of London’s 781 which topped the chart. Dubai’s ranking also got a boost by ranking top five in a category of destinations where international companies may set up a new office in the next few years.
Regional rival Doha went down six places compared to the previous year with a score of 630.
Abu Dhabi, capital of the UAE and a new entrant, secured the third best ranking among Gulf financial centres, with 48th position out of 77 places and bagging 618 points. Manama followed with 57th position.
“Of the four Middle Eastern centres in the GFCI, Dubai has overtaken Qatar to regain the status of leading Middle Eastern centre,” the report said.
“We believe that Qatar has strong underlying fundamentals to challenge Dubai. Abu Dhabi is a new entrant to the GFCI and has come in just above Bahrain,” it added.