According to the most recent rankings by the UK based The Economist, Dubai has climbed to third position among the world’s top 10 cities, surpassing New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco.
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,” Sheikh Hamdan added.
The main objective of D33, which Sheikh Mohammed launched in January of this year, is to solidify Dubai’s place as one of the top three global cities and to double the size of its economy over the following ten years.
The Dubai Crown Prince also “thanked all government and semi-government entities, as well as private sector partners, who have united as one team to raise Dubai’s global standing across various sectors.”
Top cities
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.
Benefits and reforms
The Economist noted: “In most cities, the twin blows of Covid and geopolitical tension have proved more of a problem… Cities in bits of the world that did not go overboard with restrictions, such as Dubai and Miami, benefited—sometimes at the expense of those that did, like San Francisco.”
In terms of advantages, The Economist said: “Dubai and Singapore offer year-round warm weather (important when people can work remotely) and lenient regulation (helpful for those annoyed with Western red tape).
“Singapore has thrown tax breaks at family offices, helping lift their number to 1,500 in 2022, from 50 in 2018. While Dubai has introduced social reforms, decriminalising alcohol and the cohabitation of unmarried couples.”
