For a change, Dubai doesn’t top the list
While Chatham House’s new study says that Dubai is gaining significance as a financial hub in the region, it is still a long way to the top.
August 14, 2008 11:07 by kippreport
“The new Chatham House study establishes the emirate (Dubai) as the financial centre in the world most likely to ‘become significantly more important over the next two to three years’. That is one big prize for any city,” says a report.
“Most likely to become significantly more important?” That sounds like the praise bestowed upon a school student who went up from 50th rank to 48th: The word “important,” preceded by several encouraging words. And with Dubai’s obsession – it’s more than a mere ambition – with becoming the best, it doesn’t seem like the city will appreciate such a prize too much.
The London-based research body’s report, “The Gulf as a Global Financial Centre: Growing Opportunities and International Influence,” has generated a lot of media buzz, with some reports fawning over the greatness of the upcoming “financial hub” of the world.
The study does note that Dubai is gaining prominence in the financial world; in the City of London’s Global Financial Centres Index for March 2008, the city ranked 24th, ahead of Shanghai, Stockholm, Mumbai and Madrid. And the Chatham House report also says that the entire GCC’s growing importance as a financial centre is fueled by Dubai’s rapid rise.
But to conclude from the report that “there will not be enough space to house every company that wants to come to Dubai in the future” does seem a little far-fetched.
24th to No.1 is a big leap.