According to the latest rankings by The Economist, a UK-based publication, Dubai has secured the prestigious position of being the world’s third-prominent city.
The renowned cities such as Paris, New York, London, and San Francisco, Dubai has emerged as a leading city, as per the rankings by The Economist.
The index, developed by The Economist, took into account four key categories – population, economic growth, vacancy rates, and house prices – spanning a period of three years from 2019 to 2022.
On Friday, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council, took to Twitter to acknowledge this milestone, affirming that Dubai has successfully attained the third spot among ten prominent global cities, showcasing its exceptional performance over the past three years.
According to The Economist recent index, Dubai secured the third position among ten prominent global cities, reflecting its performance over the last three years. This great achievement can be attributed to the visionary leadership of @HHShkMohd and the ambitious targets set by… pic.twitter.com/sLeYNpHlcQ
— Hamdan bin Mohammed (@HamdanMohammed) June 9, 2023
The Crown Prince of Dubai emphasized that the remarkable accomplishment is a result of the visionary and innovative leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister of the UAE & Vice president and Dubai’s Rules, along with the ambitious objectives set by the Dubai Economic Agenda (D33). These initiatives have propelled Dubai towards its objective of becoming one of the world’s foremost urban economies.
In terms of other cities that secured positions in the list, Miami claimed the top spot, with Singapore following closely in second place.
The Economist acknowledged that for most cities, the challenges posed by the COVID-19 pandemic and geopolitical tensions have posed significant obstacles to their progress.
Cities that implemented more moderate restrictions, such as Dubai and Miami, reaped benefits, sometimes to the detriment of cities like San Francisco that imposed more stringent measures, as noted by The Economist.
The advantages highlighted by The Economist include Dubai and Singapore’s year-round warm weather and relaxed regulations.
Singapore has implemented tax breaks to attract family offices, resulting in a significant increase in their number from 50 in 2018 to 1,500 in 2022.
Dubai, on the other hand, has introduced social reforms by decriminalizing alcohol and allowing the cohabitation of unmarried couples.
