Dubai named among top 5 fintech destinations globally

Dubai has been ranked in the top five cities for fintech in the latest edition of Global Financial Centre Index (GFCI) rankings, with success being attributed to the contributions of the Dubai International Financial Centre (DIFC) over the past 20 years.

Z/Yen - the City of London’s leading commercial think-tank - published the findings on Friday, as Dubai and Abu Dhabi led as the top financial centres within MENA. New York was ranked as industry leader in the Fintech sector, followed by London, Singapore, Frankfurt, and Dubai.

DIFC is a special economic zone in Dubai established in 2004, as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets.

It is currently home to hedge funds, upscale restaurants, hotels, art galleries and family offices.

DIFC is currently home to about thirteen of the world’s top 100 hedge funds, according to reports. Family offices situated there manage more than $1.2 trillion in assets, according to a report by Bloomberg.

This growth is only set to multiply as Dubai recently announced new rules that will allow companies set up inside its many free zones. Businesses will now be able to scale faster, reduce costs, and tap into larger markets.

Dubai-based family offices manage over $1 trillion in assets: report

Essa Kazim, Governor of DIFC said, “With Dubai being one of only eight cities worldwide to be recognised a global leader in the financial industry, we are proud to be shaping the future of global finance and contributing to the Dubai Economic Agenda,” as quoted by Arabian Business.

“Dubai’s emergence as a top five global FinTech hub for the first time is a testament to our continuous commitment to innovation and excellence, driven by the forward-thinking initiatives of DIFC.”

“With Dubai becoming the most mentioned financial city in terms of expected to become more significant in the years to come, we reaffirm our position as the region’s leading global financial centre,” Essa Kazim said.

Dubai ‘removes walls’ for free zone companies, allows them to operate in mainland

Global Financial Centre Index

The index for the financial services industry ranked 119 financial centres across the world combining assessments from financial professionals with quantitative data.

New York led the main index, with London and Hong Kong following in second and third place. Singapore was in fourth place followed by San Francisco.

Chicago, Los Angeles, Shanghai, Shenzhen and Seoul rounded up the top 10 global financial centre rankings.

Dubai rose 4 places to come in 12th in the main index. Mumbai and New Delhi came in at 52 and 60 respectively.

The top positions among sectors such as finance, banking, investment management, trading, insurance were dominated by New York, London, Hong Kong and Singapore.