(Dubai) – Dubai International Financial Centre, DIFC, has risen up the ranks to eighth position of the Global Financial Centres Index, GFCI, securing the Centre’s highest ever ranking.
Essa Kazim, Governor of DIFC, rang the Nasdaq Dubai market-opening bell on Monday to mark this achievement, said a DIFC press release issued on Monday.
DIFC is the leading financial hub in the Middle East, Africa, and South Asia, MEASA, and it is the only financial centre within the region to have a place in the top 10 ranking.
Dubai’s elevated position places the emirate alongside other renowned financial hubs such as New York, London, Hong Kong and Singapore. Dubai has consistently climbed the ranking since the Index launched 12 years ago, quickly progressing from twelfth position to eighth, between March and September 2019.
The recent ranking recognised DIFC’s strengths within all five major areas of the Index, including Business Environment, Human Capital, Infrastructure, Financial Sector Development and Reputation, reflecting its emergence as a broad, deep, dynamic and stable financial centre.
Essa Kazim said, “It is a tremendous honour to open the day’s trading at the Nasdaq stock exchange as we have placed great importance in fostering an environment to help financial institutions thrive. The ceremony reflects the achievements of Dubai as a pivotal business hub and the DIFC as a rising global financial powerhouse.
“The recognition of Dubai as a top 10 global financial centre during the Nasdaq ceremony is symbolic of the exponential growth we have delivered during the last 12 months.”
He continued, “The financial sector is a cornerstone for the UAE’s rapidly expanding economy and the DIFC is magnet for international trade and investment. The Centre’s continued achievements further underscores the strong promise of Dubai as the destination of choice for global institutions, leading organisations, sector change-makers and the financial technology disruptors of the future to collaborate to deliver exponential growth.
“We reaffirm our commitment to shaping the future of the global financial landscape,” Kazim said.
Hamed Ali, Chief Executive of Nasdaq Dubai, said, “As the MENA region’s international financial exchange, Nasdaq Dubai is delighted to be playing an expanding role in DIFC’s success as a global financial centre. Our international as well as regional equity and debt issuers benefit from our close links with investors around the world and the high global visibility that a listing with us provides, as well the DIFC’s excellent regulatory infrastructure.”
Dubai continues to be recognised on the global stage as a dynamic business environment where innovation thrives. DIFC offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulatory and judicial system, a global financial exchange, access to funding, a dynamic and enabling sector environment and an experienced and cosmopolitan talent pool, said the press release.
