Friday, September 29, 2023

Economist Ranked Dubai as World’s 3rd Best City

Dubai has achieved a significant milestone by securing the third position among the top 10 global cities. By surpassing New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco. The rankings, conducted by The Economist, highlight Dubai’s impressive performance over the past three years.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai’s Crown Prince and Chairman of The Executive Council, expressed his pride in a tweet, attributing this achievement to the visionary leadership of his father, Sheikh Mohammed bin Rashid Al Maktoum, and the ambitious goals set by the Dubai Economic Agenda (D33).

Dubai Economic Agenda (D33)

The D33 aims to double Dubai’s economy and solidify its position among the world’s top cities in the next decade. Sheikh Hamdan acknowledged the collective efforts of government entities, semi government organizations, and private sector in raising Dubai’s global standing. The city’s progress reflects its commitment to becoming a leading urban Economy.

The Economist’s Index

The Economist’s index considered Population, Economic growth, Office Vacancies, and House Prices over the past three years to evaluate each city’s performance. Miami claimed the top spot due to its robust economic growth and thriving property market. Singapore secured second place, while Dubai ranked third, due to its substantial population growth. New York and London followed in fourth and fifth place, respectively, with Tokyo, Sydney, Johannesburg, Paris, and San Francisco completing the top 10.

Dubai and Singapore offer favorable conditions contributing to their success. Both cities provide year round warm weather, attracting remote workers. Moreover, their business friendly regulations help streamline processes. Singapore’s tax breaks for family offices have attracted numerous investors, while Dubai’s social reforms, such as decriminalizing alcohol consumption and cohabitation of unmarried couples, have enhanced its appeal.

Dubai’s Rise

The Economist noted that cities worldwide faced challenges due to the COVID-19 pandemic and geopolitical tensions. However, cities like Dubai and Miami, with fewer restrictions, fared better than more restricted cities like San Francisco. Dubai’s ascent can be attributed to its advantageous climate for remote work and its business friendly regulations. Additionally, the city’s continuous social reforms have positioned it as an attractive global destination.

Dubai’s third-place ranking among the world’s top cities is a proof of its exceptional growth, resilience, and attractiveness as a global hub. As Dubai continues to prioritize innovation, diversification, and economic development, it is ready to make even greater strides on the global stage.

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