Dubai Ranks Third in The Economist’s Global Economy Survey

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In a remarkable accomplishment, Uae has surpassed popular destinations like the United States, England, the city of Tokyo, Sydney, Australia. in Johannesburg Paris, and San Francisco to take third spot within the top 10 significant worldwide cities. The UK-based journal The Economist produced the standings.

Mumbai’s ruler and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, tweeted on Friday about this accomplishment, stating: “Dubai earned its third-highest place amongst 10 notable worldwide cities, highlighting its accomplishments over the preceding three years.”

Sheikh Mohammed bin Rashid Al Maktoum, vice president and Prime Minister of the United Arab Emirates and King of Dubai, was given credit by Sheikh Hamdan with inspiring leadership for this accomplishment. He also emphasised the lofty goals established by the Dubai Economic Agenda (D33), which were essential in fostering Dubai’s ambition to become one of the most prosperous urban economies in the world.

Sheikh Mohammed’s D33 initiative, which he unveiled in the month of January of this year, aims to double the economic output of Dubai over the course of ten years from now and secure Dubai’s place as the top three largest cities on the planet.

The Dubai Crown Prince expressed his appreciation to all governmental and quasi-governmental organisations and especially business associates.

He praised their collaboration and camaraderie, which helped raise Dubai’s position on the world stage in a variety of industries.

The Economist’s Global Economy Survey placed Dubai #3 in the entire world, according to Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council.

Khaleej times: Dubai ranks 3rd in world’s top cities 

On Twitter, Sheikh Hamdan also stated, “Dubai won its third spot among 10 important worldwide cities, indicating how well it performed over the last 3 years, referring to The Economist recent index.

This outstanding accomplishment may be ascribed to the late Sheikh Mohammed Bin Rashid Al Maktoum’s inspirational leadership and the lofty objectives established by the Dubai Economic Agenda D33, that has assisted Dubai in its effort to establish itself as one of the top urban economy in the globe.

“We congratulate all the authorities and semi-government organisations, in addition to our business collaborators, who have worked together as a single team to improve the Dubai global prominence across different sectors.”

Dubai fared better economically than cities like New York, London, and Tokyo, compared to the the economy index.

The indicator is centred on developments in four key metrics over the previous three years: people, growth in the economy, job openings, and housing prices.

During the years 2019 and 2022, Dubai’s population expanded by 5.8%, while at that same time, the cost of housing rose by 11.9%.

According to The Economist, Dubai profited from the Covid-19 outbreak by luring in capital and investors from nations that enforced stringent regulations on movement of people during the ban time.

According to the survey, Dubai attracts a lot of entrepreneurs and job applicants because of its many benefits, which include its year-round warm climate, forgiving restrictions for those who find Western customs inconvenient, and its comparatively low taxation.

On the business climate index, Miami topped the overall categorization, being followed by the nation of Singapore in second position, New York in the fourth spot afterwards Dubai, and London in five.

Why Invest in Dubai?

Individuals travel from every corner of the world to visit Dubai. Tax benefits for foreign investors are particularly alluring. There are numerous free trade zones in Dubai that provide numerous monetary rewards, such as:

  • A period of time during which corporations are exempt from paying taxes
  • Absence of individual earnings taxes
  • the total return of money and earnings
  • There is no set minimal expenditure amount.
  • When starting a company, no local business partner is required.

For the trading of goods like platinum, precious metals, diamonds, gems, and other kinds of upscale jewellery as well as, of obviously, key renewable energy sources like raw gas and oil, Dubai is a key international and domestic centre.

Uae boasts arguably among the world’s most rapidly expanding real estate markets and a rapidly expanding economy. Companies in Uae may find the possibilities to be too numerous based on how much they’re prepared to spend on the property market. You may get comprehensive details on the laws governing investing abroad from our business creation providers in Dubai.

Nevertheless, there’s a variety of other factors, including those we’ll list below, that influence international entrepreneurs’ decision to make investments in Dubai.

Uae has among the most technologically advanced facilities in worldwide, with 7-lane motorways, and is situated at the intersection of the eastern portion and the west, linking the Gulf East with Asia as well as Europe.

Dubai is experiencing one of the world’s fastest paces of growth and is quickly emerging as a key place for foreign investment. Numerous young entrepreneurs are drawn to Dubai by its good quality of life, and many global corporations have opened subsidiary or affiliates there.

According to the efficiency of the world’s economies, the United Arab Emirates came in first worldwide in “The Independent Australian”‘s 2016 Monitor of Economic Liberty.

The Australian categorization used a point system to rank the world’s economies, with the most important factors being the variety of economic activity, labour force participation, income per individual, asset rates, and GDP, as well as rising prices, taxation, and freedom of the economy.

Singapore, that finished the previous year in second place, lost ground to the United Arab Emirates in this categorization, whereas Norway and Switzerland finished in third and fourth place correspondingly.

According to the Canadian Institute “Fraser”‘s 2015 Index of Economic Freedom, the UAE was ranked sixth overall and #1 in the Middle East and North Africa area. The nation had a score on the index of 8.15 out of 10, while Hong Kong led the world rankings for financial independence with an 8.97 score.

In the latest edition of the Monitor of Economic Freedom, which was published by The Heritage Foundation in 2015, the UAE increased its score by three points, moving from 28th to 25th overall. The UAE, which was rated second in the MENA area behind Bahrain, has now eclipsed developed nations like Norway (27), Austria (30), and France (73).

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