News Middle East30 Mar 2020

MENA:Most of the region's financial centres slip in global rankings

30 Mar 2020

The majority of financial centres in MENA have declined in terms of both ranking and rating in the latest Global Financial Centres Index (GFCI 27) published last week.

Dubai has dropped off the list of the world's top 10 global financial centres to 12th position worldwide.

In the region, the biggest declines in terms of ranking are seen for Casablanca and Kuwait City. Riyadh rises in the ratings by 60 points, the biggest improvement for the seven financial centres in the region.

 

GFCI 27

GFCI 26

Change

in Rank

Change in Rating

Rank

Rating

Rank

Rating

Dubai

12

721

8

740

-4

-19

Abu Dhabi

39

682

32

690

-7

-8

Casablanca

41

680

21

714

-20

-34

Doha

48

669

39

672

-9

-3

Bahrain

56

659

47

658

-9

1

Riyadh

88

624

96

564

8

60

Kuwait City

91

620

65

625

-26

-5

 

Worldwide, New York retains its first place in the Index, further extending its lead over London which is in second place. 120 financial centres were evaluated for this 27th edition of the Index.

The Global Financial Centres Index is published by the China Development Institute in Shenzhen and Z/Yen Partners, a London-based commercial think-tank.

The instrumental factors used in the GFCI model are grouped into five broad areas of competitiveness: Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputation.

The GFCI is updated every March and September. GFCI 27 was compiled using 138 instrumental factors. These quantitative measures are provided by third parties including the World Bank, The Economist Intelligence Unit, the OECD, and the UN.


 

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