Dubai ranked one of world’s top four fintech hubs in new report

Dubai has been ranked among the world’s top four cities for fintech in the latest Global Financial Centres Index (GFCI), released on Thursday, behind London, New York and Hong Kong.

This recognition highlights the success of Dubai International Financial Centre (DIFC) in consolidating the emirate’s status as the leading global financial centre in the Middle East, Africa and South Asia, according to a press release by the Dubai government.

“This achievement also reflects the trust the international financial community has in Dubai’s ability to provide an optimal environment and infrastructure for growth, driven by DIFC’s transformative initiatives,” said H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

“With our clear aspirations for the future, we continue to strengthen Dubai’s role as a force for innovation and a platform for opportunity, advancing progress that will serve our nation, the region and the world.”

DIFC recently revealed that the number of its AI, fintech and innovation companies has exceeded 1,500, making it the largest cluster of its kind in the region. Firms operating in these sectors have collectively raised over US$4.2 billion in investment.

Further underlining its growing influence on the world stage, Dubai also advanced to 11th position globally in the overall GFCI rankings.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “At DIFC, we are proud to be the platform that enables the most ambitious entrepreneurs, established institutions, and forward-thinking investors to collaborate and thrive.”

The Global Financial Centres Index also identifies Dubai as the region’s only financial centre to be a global leader with broad and deep capabilities, according to the government’s release.

Additionally, the findings rank Dubai as number one in the world among ‘financial centres expected to become more significant.’