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HomeEconomyUK consultancy ranks Dubai 3 points behind Qatar as financial centre

UK consultancy ranks Dubai 3 points behind Qatar as financial centre

difc|By TAP Staff| A Global Financial Centres Index compiled by London-based consultancy Z/Yen using assessments of financial services professionals has come up with a most astonishing finding: Dubai comes three points behind Qatar.

According to the index, Qatar, Dubai and Riyadh took places 26, 29 and 31 respectively, but continued to rise in the index, while 23 of the 27 European centres declined in rank.

New York has knocked London from its position as the world’s leading global financial center after seven years, according to the Global Financial Centres Index compiled by London-based consultancy Z/Yen.

London slipped from the top of the global rankings, scoring 784 against 786 for New York, because a series of own goals had tarnished its reputation, the report said.

“London sees the largest fall in the top 50 centres,” said Mark Yeandle, report author and associate director of Z/Yen, in a statement on the group’s website.

“This seems to be based on a number of factors including … uncertainty over Europe, the perception that London might be becoming less welcoming to foreigners and perceived levels of market manipulation.”

Hong Kong and Singapore took third and fourth spots respectively, the same as a year ago, the survey showed.

But the gap between the “Big Four” and the chasing pack, led by Zurich, Tokyo and Seoul, was narrowing, it said.

The Global Financial Centres Index is compiled from assessments completed by 3,246 financial services professionals, Z/Yen said.