Beating New York, London & Paris Dubai is The Third Top-Ranked City in The World

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According to recent rankings by The Economist, a UK-based publication, Dubai has achieved third position in the Top 10 prominent global cities, surpassing other notable cities such as New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco. Sheik Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai announced this accomplishment recently via Twitter. He stated that Dubai’s performance over the past three years is reflected in this achievement.

According to Sheik Hamdan, the success of Dubai in becoming one of the world’s leading urban economies is due to the visionary leadership of His Highness Sheik Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, as well as the ambitious targets set by the Dubai Economic Agenda (D33). D33 was launched by Sheik Mohammed earlier this year to double the size of Dubai’s economy over the next decade and maintain its position among the top three global cities.

The Crown Prince of Dubai also expressed gratitude towards government, semi-government, and private sector partners for their collaborative efforts in enhancing Dubai’s global reputation in diverse sectors.

The Economist has developed an index that considers four categories, namely population, economic growth, office vacancies, and house prices, over the past three years. Each city’s overall score was determined based on its performance on these measures. In the report to The Economist, Miami has emerged as the top-performing city due to its robust economic growth and buoyant property market, which saw a 39.5 % increase in accurate house prices between 2019 and 2022. Singapore secured second position, and Dubai came in third, with a notable population surge of 5.8 % over the past three years. New York ranked fourth, followed by London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco, which came in tenth place.

According to The Economist, many cities have been negatively impacted by the COVID-19 pandemic and geopolitical tensions. However, cities like Dubai and Miami, which did not have strict restrictions, have benefited, sometimes at the expense of cities like San Francisco, which did have severe limits.

The Economist also noted that Dubai and Singapore have advantages such as year-round warm weather, which is essential for those who work remotely, and lenient regulations, which can be helpful for those who are frustrated with Western bureaucracy. Singapore has also offered tax breaks to family offices, increasing their number from 50 in 2018 to 1,500 in 2022. Dubai has introduced social reforms, including the decriminalization of alcohol and the cohabitation of unmarried couples.

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