Dubai has surpassed New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco to take third place among the top 10 cities in the world in The Economist’s most current rankings.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai tweeted about this achievement on Friday, saying: “Dubai secured the third position among 10 prominent global cities, reflecting its performance over the last three years.”
“This great achievement can be attributed to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious targets set by the Dubai Economic Agenda (D33), which has supported Dubai in its goal to become one of the world’s leading urban economies,” added Sheikh Hamdan.
Sheikh Mohammed established D33 in January of this year with the primary goal of securing Dubai’s position as one of the top three global cities and doubling the size of its economy over the ensuing ten years.
The index was created by The Economist using data from the previous three years in four categories: population, economic growth, office vacancies, and property prices. Each city was ranked according to how it did on these metrics to produce an overall score.
Miami took first place, according to The Economist, “thanks to its strong economic growth and perky property market”, where actual house prices increased by 39.5% between 2019 and 2022.
Having experienced a significant population increase of 5.8% over the previous three years, Dubai came in third and Singapore came in second. London, Tokyo, Sydney, Johannesburg, Paris, and New York were in that order, with San Francisco taking the tenth spot.
advantages and changes
The twin strikes of COVID and geopolitical tension have proven to be more of an issue in most cities, according to The Economist. Dubai and Miami are two cities that benefited from the lack of excessive constraints, sometimes at the price of others like San Francisco.
The Economist listed Dubai and Singapore’s benefits as having nice weather all year long (essential for those who work remotely) and lax regulations (useful for those who dislike Western red tape).
“Singapore has given family offices tax benefits, helping to increase their number to 1,500 in 2022 from 50 in 2018. While Dubai has enacted social changes, decriminalizing alcohol and unmarried couples’ cohabitation.