Dubai, Abu Dhabi fast becoming world's top cities for global business

Dubai and Abu Dhabi are fast catching up to major cities in the race for the world’s top destinations for global business despite the challenges they have faced during coronavirus pandemic, a new report suggests.

The report, published annually by management consulting firm Kearney, ranked Dubai as the 27th most competitive city in the world in the Global Cities Index (GCI) and 18th top city in the Global Cities Outlook (GCO), while Abu Dhabi emerged in the top ten in the GCO list.

Kearney’s global cities report features two rankings, the GCI, which looks at the city’s current performance, and the GCO, which gauges the city’s future prospects.

The GCI analyses how globally engaged cities are in terms of business activity, human capital, information exchange, cultural experience and political engagement, while in the GCO rankings, cities are rated across four dimensions: personal well-being, economics, innovation and governance.

GCI, GCO rankings

Overall, New York held on to its crown as the best city in terms of its current competitiveness, ranking first for the fourth year in a row in the GCI list, followed by London, Paris, Tokyo and Beijing in the top five.

In terms of their ability to create the right conditions for achieving a global status in the future, London emerged as the winner, taking the first spot in the GCO list, followed by Toronto, Singapore, Tokyo and Paris in the top five.

Economics metric

However, according to Kearney, cities in the Middle East are catching up to their peers in North America and Europe, thanks to their long-term investment in governance and economic well-being.

Abu Dhabi and Dubai were credited for their openness to the private sector and robust engagement in public-private partnerships.

“Abu Dhabi and Dubai topped the economics metric in infrastructure… Combined with increases in GDP per capita, FDI (foreign direct investment) inflows, and foreign investments, this took Abu Dhabi to seventh overall [in the GCO rankings], and Dubai from 32 to 18,” Kearney said in the report.

The top cities, according to Kearney:

Global Cities Index, 2020

  1. New York
  2. London
  3. Paris
  4. Tokyo
  5. Beijing
  6. Hong Kong
  7. Los Angeles
  8. Chicago
  9. Singapore
  10. Washington DC
  11. Sydney
  12. Shanghai
  13. San Francisco
  14. Brussels
  15. Berlin
  16. Madrid
  17. Seoul
  18. Melbourne
  19. Toronto
  20. Moscow
  21. Boston
  22. Vienna
  23. Amsterdam
  24. Munich
  25. Buenos Aires
  26. Barcelona
  27. Dubai
  28. Frankfurt
  29. Montreal
  30. Miami

Global Cities Outlook, 2020

  1. London
  2. Toronto
  3. Singapore
  4. Tokyo
  5. Paris
  6. Munich
  7. Abu Dhabi
  8. Stockholm
  9. Amsterdam
  10. Dublin
  11. San Francisco
  12. Sydney
  13. Montreal
  14. Berlin
  15. Boston
  16. Geneva
  17. Luxembourg
  18. Dubai
  19. Melbourne
  20. Copenhagen
  21. Vienna
  22. Zurich
  23. Chicago
  24. Perth
  25. Vancouver
  26. Taipei
  27. New York
  28. Dusseldorf
  29. Brussels
  30. Minneapolis

Source: https://www.zawya.com/mena/en/economy/story/Dubai_Abu_Dhabi_fast_becoming_worlds_top_cities_for_global_business-ZAWYA20201117131833/

 

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