Dubai has lost its crown as the region's top financial center for the first time in the latest Global Financial Centers Index by Z/Yen Group.
September 27, 2011
27 September 2011 Given Dubai's multi-faceted qualities as a business hub, may be we should not read too much into it, but the fact is that the emirate is no longer seen as the region's financial centre hub, according to Z/Yen Group in the 10th edition of the Global Financial Centres Index (GFCI).
Dubai slid eight places in the periodic survey to become the world's 36th leading financial hub and Qatar clung to its previous position of the 30th most popular financial hub, to take the crown for the first time since the survey was started in March 2007.
The GFCI surveyed more than 1,800 financial professionals to provide profiles, ratings and rankings for 75 financial centres, drawing on two separate sources of data - instrumental factors and responses to an online survey.
Of course, Qatar Financial Centre was quick to pounce on the findings and issue a press release on its achievement.
"I am delighted that Qatar has been recognised as the leading financial centre in the Middle East for the first time by the GFC Index. Qatar's latest rise of 39 points in the GFC Index also strongly maintains its existing world ranking of 30th and consolidates its earlier impressive rise of four places in the world rankings from 34th to 30th in March this year," said Shashank Srivastava, Acting CEO of the QFC Authority in a press release which was careful not to mention Dubai.
To be fair it's just one survey - but a fairly influential one at that. And Qatar must be chuffed that after chasing Dubai for years, it has finally surpassed the regional business hub.
Is this a temporary blip on the wave of Qatar winning the bid for FIFA World Cup and the financial opportunities it would bring? Not really, and in fact that should worry Dubai.
"Concerns about Dubai have been expressed for at least three years now and Dubai's GFCI rating has been declining since GFCI 6.5," notes the Z/Yen Group in the report. "Although Dubai's rating shows a small increase it is now below Qatar by 14 points."
"Dubai has suffered a big attack on its reputation. It has allowed Qatar to establish itself as a credible challenger in the Middle East," a private wealth manager based in Dubai said in the survey.
