With its third-place finish in the list of the world’s top ten cities, Dubai has accomplished a significant milestone. by surpassing San Francisco, Johannesburg, London, New York, Tokyo, Sydney, and other major cities. The Economist’s rankings highlight Dubai’s outstanding performance over the previous three years.
In a tweet, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council, expressed his pride in this accomplishment and credited his visionary father, Sheikh Mohammed bin Rashid Al Maktoum, as well as the high standards established by the Dubai Economic Agenda (D33), for making it possible.
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
Dubai Economic Agenda (D33):
In the following ten years, the D33 plans to double Dubai’s economy and firmly establish it as one of the top cities on the planet. Sheikh Hamdan recognized the contributions made by the private sector, semi-government organizations, and government bodies in raising Dubai’s standing internationally. The city’s development demonstrates its dedication to becoming a premier urban economy.
The Economist’s Index:
The performance of each city was assessed using The Economist’s index, which took into account Population, Economic growth, Office Vacancies, and House Prices over the previous three years. Miami took first place thanks to its strong economic growth and booming real estate sector. Due to its rapid population growth, Dubai placed third and Singapore took second. Fourth- and fifth-placed New York and London were followed by Tokyo, Sydney, Johannesburg, Paris, and San Francisco, rounding out the top 10.
Dubai and Singapore provide enabling environments that contribute to their success. Both cities have warm weather all year round, which draws in remote workers. Additionally, their business-friendly regulations facilitate process streamlining. While Dubai’s social reforms, such as decriminalizing alcohol consumption and cohabitation of unmarried couples, have increased its appeal, Singapore’s tax breaks for family offices have drawn a large number of investors.
Dubai’s Rise:
The COVID-19 pandemic and geopolitical tensions, according to The Economist, posed problems for cities all over the world. However, less constrained cities like Dubai and Miami performed better than constrained cities like San Francisco. Dubai’s rise can be attributed to its favorable regulatory environment for business and remote work. Additionally, the city’s ongoing social reforms have established it as a desirable travel destination on a global scale.
Dubai’s third-place finish among the top cities in the world is evidence of its exceptional development, resiliency, and appeal as a major international hub. Dubai is poised to advance even further on the international stage as it keeps placing a high priority on innovation, diversification, and economic growth.
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