Ahead of New York, London, and Paris, Dubai ranks third in the world’s top cities
Dubai has surpassed New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco to take third place among the top 10 cities in the world in The Economist’s most current rankings.
On Friday, Dubai’s Crown Prince and Chairman of The Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, tweeted about this accomplishment, 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.
Sheikh Mohammed established D33 in January of this year with the primary goal of securing Dubai’s position as one of the top three global cities and doubling the size of its economy over the ensuing 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.”
Using information from the previous three years in four categories—population, economic growth, office vacancies, and property prices—The Economist constructed the index. To generate an overall score, each city was ranked according to how it performed on these measures.
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.
Dubai was ranked third, and Singapore was ranked second, with population growth of 5.8% during the previous three years. In that order were London, Tokyo, Sydney, Johannesburg, Paris, and New York, with San Francisco claiming the tenth position.
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.”