ISIDORA CIRIC (ABU DHABI)
The UAE has reinforced its status as a global financial powerhouse, with Abu Dhabi and Dubai leading as the top two financial centres in the region, according to the latest Global Financial Centres Index (GFCI) released last week.
The bi-annual index, conducted by Z/Yen Partners, a leading London commercial think-tank, in collaboration with the China Development Institute, evaluates the competitiveness of 121 financial centres worldwide.
Dubai and Abu Dhabi Lead MENA with Strong Global Gains
The UAE leads the MENA region with significant margins, with Abu Dhabi and Dubai maintaining dominance over their regional counterparts.
Dubai holds the highest regional GFCI score, exceeding 700 points, a trend that has been consistent for the past 20 editions of the index. Abu Dhabi ranks as the second-highest financial centre in the region, maintaining this position over the last 10 editions of the GFCI.
On the global stage, Dubai climbed four spots to rank 16th in GFCI 36, while Abu Dhabi followed closely, rising two places to secure the 35th position. New York topped the index, with London in second place, and Hong Kong surpassing Singapore to claim the third position.
The UAE's trajectory as a rising global financial force is also marked by strong future prospects, a category that identifies which financial centres are expected to grow in significance over the next two to three years. Dubai ranked second globally in this category, while Abu Dhabi secured seventh place, both outperforming major hubs like New York, Riyadh, and Beijing.
Both cities were also the only MENA hubs to be featured in the "Global" category - the highest tier for financial centres - by securing the top two spots in the "Global Specialist" subcategory.
Competitiveness Across Key Areas
The GFCI rankings are based on five key areas of competitiveness: Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputation. Dubai was the only city in the MENA region to place in the top 15 across these areas, ranking 11th in Reputation and 14th in Infrastructure.
The Reputation category measures factors such as city brand, innovation, and cultural diversity, while Infrastructure assesses elements like built environment, transport systems, and sustainable development. Dubai's strong performance in Reputation placed it ahead of Shenzhen, Frankfurt, and Boston, while its Infrastructure ranking put it above Washington.
The UAE's continued efforts to diversify its financial ecosystem and foster innovation were also spotlighted in the Industry Sectors category, with Dubai being, yet again, the only MENA city to reach the top 15.
Within the category, Dubai ranked 6th in Fintech, surpassing global hubs such as Los Angeles and Zurich. It also secured 11th place in Professional Services, ahead of cities like Dublin, Shanghai, and Shenzhen, and 13th in Finance, outpacing Seoul and Frankfurt.
The country's financial hubs are not only recognised regionally but also internationally, with respondents from North America and Eastern Europe & Central Asia consistently rating Dubai and Abu Dhabi well above the global average.
Abu Dhabi's growing influence was most evident in North America, where it received its highest ratings, soaring 95 points above the global mean. Eastern Europe & Central Asia and MENA respondents also showed strong support, rating the city approximately 45 points above the average.
Dubai received strong ratings from Eastern Europe & Central Asia, with respondents scoring the city over 100 points above the global mean. MENA respondents also rated it favourably, placing it around 25 points above the global average, while North American respondents rated it slightly above average.