- The rankings for top 10 prominent global cities was released by The Economist
Dubai has secured third place among the top 10 prominent global cities – beating New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco – based on the recent rankings released by The Economist, reported Khaleej Times.
Dubai’s Sheikh Hamdan bin Mohammed tweeted the news on Friday. “According to The Economist recent index, Dubai secured the third position among ten prominent global cities, reflecting its performance over the last three years.”
“This great achievement can be attributed to the visionary leadership of @HHShkMohd and the ambitious targets set by the Dubai Economic Agenda D33, which has supported Dubai in its goal to become one of the world’s leading urban economies. We thank all the government and semi-government entities, as well as private sector partners, who have united as one team to raise Dubai’s global standing across various sectors.”
The Economist created the index based on four categories — population, economic growth, office vacancies and house prices — over the past three years. Each city was ranked based on how it performed on these measures, added the report.
Miami claimed top spot, “thanks to its strong economic growth and perky property market”, where real house prices grew by 39.5 per cent from 2019 to 2022.
Singapore came in second followed by Dubai with its strong population jump of 5.8 per cent in the past three years.
New York came in fourth place, followed by London, Tokyo, Sydney, Johannesburg, Paris and San Francisco.
The Economist noted, “In most cities, the twin blows of Covid and geopolitical tension have proved more of a problem”
“Cities in bits of the world that did not go overboard with restrictions, such as Dubai and Miami, benefited — sometimes at the expense of those that did, like San Francisco.”
In terms of advantages, The Economist observed, “Dubai and Singapore offer year-round warm weather and lenient regulation.”
“Singapore has thrown tax breaks at family offices, helping lift their number to 1,500 in 2022, from 50 in 2018. While Dubai has introduced social reforms, decriminalising alcohol and the cohabitation of unmarried couples.”
Dubai has seen record numbers of tourists especially following Covid, receiving 11.4 million overnight international visitors during January-October 2022.
Recently, Dubai also topped the ten cities in 2022 where travellers loved to splurge according to the World Travel and Tourism Council (WTTC).