DIFC celebrates ranking as 8th Best Global Financial Centre

Dubai is the only financial centre within Middle East, Africa and South Asia region to have a place in the top 10 rankings of the GFCI


DUBAI - Governor of Dubai International Financial Centre, DIFC, Essa Kazim today rang the Nasdaq Dubai market-opening bell to mark Dubai soaring into the top ten of the Global Financial Centres Index, GFCI.

Dubai International Financial Centre has risen up the ranks to the eighth position of the GFCI, securing the centre’s highest-ever ranking, said a press release issued by DIFC on Monday.

Dubai is the only financial centre within Middle East, Africa and South Asia region to have a place in the top 10 rankings of the GFCI. 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.

Commenting on the achievement, Essa Kazim, Governor of DIFC, 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." The financial sector, he said, is a cornerstone for the UAE’s rapidly expanding economy and the DIFC is a magnet for international trade and investment. The Centre’s continued achievements further underscore the strong promise of Dubai as the destination of choice for global institutions, leading organisations, sector changemakers and the financial technology disruptors of the future to collaborate to deliver exponential growth.

In turn, Hamed Ali, Chief Executive of Nasdaq Dubai, commented, "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."

© Copyright Emirates News Agency (WAM) 2019.

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