Dubai has proven the world that a city built around the edge of the Arabian Desert can become a city of dreams over the new millennia. Driven by its ideology to become a megacity, it has established its name as the global hub for business, trade, tourism and innovation.
The recent reports and studies published by several leading valuation and real estate companies, and financial and global ranking indices shows Dubai on the top list of emerging cities making a significant progress in their rankings and strongly competing against established cities like London, New York, Singapore and Paris.
UAE tops the list as the best city within the MENA region and is on the 16th spot globally as per Ease of Doing Business Report 2020. The country scored highly in major assessment factors such as starting a business, dealing with construction permits, 1st place globally in getting electricity, registering a property, protecting minority investors and enforcing contracts.
According to Mercer’s 2019 Quality of Living Survey, Dubai led the Middle East and Africa region as the best city for quality living and making it to 74th place globally. The survey compared 230 cities attributed by political and social environment, consumer goods availability, housing, public services and transport, medical and healthcare, natural environment, school and education and recreation.
Dubai outperformed other global business hubs in terms of infrastructure according to Knight Frank Global Hub Report. The study measures the strength of a city in ease of doing business, contributed by factors such as tourism, industrial and logistic performances, financial and business services, and property developments.
Dubai outranked Singapore, London and New York in the report by Bloom Consulting as the top digital city in the world. The index ranks all 136 mega cities using a methodology based on the total number of searches in these three categories: tourism, talent and investment.
According to Savills World Cities Prime Residential Index, Dubai ranks as the third most affordable major city in the world. While the analysis may identify that Dubai property prices shows a drop in value, the firm suggested that this is the right time to invest in Dubai real estate as the apartments for sale and luxury villas in Dubai is far more affordable, creating an advantage for property investors to pay less for top-class specifications and benefit from a strong rental yield and return on investment.
Dubai continues to soar with its record as one of the best cities in the world. According to the Resonance Consultancy Report of 2020, Dubai is one of the best cities in the world to live, work and visit. The city shows a positive correlation on factors such as lifestyle, connectivity, employment, diversity, education and business prosperity.
Dubai, alongside other metropolitan cities has been named as one of the top destinations for foreign direct investments globally, according to FDI’s Global City of the Future 2018/2019. Dubai’s economic stability, along with other contributing factors such as human capital and lifestyle, cost effectiveness, and business friendliness helped attract multi-million FDI projects through the years.
Dubai has ranked seventh in the list of top 100 destinations in the world, placing ahead of New York, Rome and Amsterdam, based on Euromonitor International. Dubai topped the list based on the annual number of visitors it has welcomed in 2018. The report also accounted Dubai’s legislative changes in visa on arrival policies, leniency on tourist visas and the option of a residency visa on business and Dubai property investments.
Dubai moves up from 12th to 8th place in the Global Financial Centres Index Report 2019, making its highest ranking ever. The ranking is based on five key areas such as business environment, financial sector development, infrastructure, human capital and reputation and general factors.
Dubai taking the position as the 14th most innovative global city beating the likes of Berlin, Madrid and Shanghai, as per the Dubai Innovation Index of 2018. The report measures the innovation drive of each city, as well as the launch of new products and services, introduction of new technology and adoption of smart solutions to public and private sectors.
According to Innovation Leaders Magazine Report of 2019, a report rounding up world’s top cities for innovation and research and development activity, Dubai bags the top 15th position as the global hotbed for corporate innovation. The report is based on the global 1000 companies with research and development labs, capital venture and funding flow, as well as execution of trade shows and conferences.
The UAE is the first country to establish a Ministry for Artificial Intelligence, with the aim to lead the country’s ambition in going beyond their successful full digitalization after the Smart Government project. It is also the first country that established a Ministry of Tolerance to lead national and global tolerance initiatives. As well as the first to create a ministry dedicated to Happiness with the sole purpose of launching projects that supports in the improvement of the life of its residents towards a fully positive and happy country.
Competing alongside established business hubs regionally and globally indicates how Dubai transforms its position from a fishing village to a global village of opportunities and growth.
The introduction of strategies to boost the economy, changes in legal frameworks, and development of new technologies are just one of the reasons why it is the best time to invest and live in Dubai. Whether you’re an investor looking to start a business, an expat buying a house, or a tourist enjoying the luxury and cultural experience, Dubai has a lot to offer.
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