Dubai, Indian cities among world's most dynamic
Hyderabad most dynamic among 130 cities globally.
Dubai makes a return in the City Momentum Index, since 2017, as one of the world's most dynamic cities.
According to the seventh edition of the City Momentum Index by global real estate services firm JLL, Dubai is the only UAE emirate to feature in the top 20 Index - and the leading city in the GCC ahead of Saudi Arabia's Riyadh.
The city ranks at 14th as the emirate continues to build the necessary critical mass to be the major business hub in the Middle East, the report said.
Riyadh ranks at 18th.
Underpinning its appeal is strong demographics, with more than half of the population aged 20-40 (the second highest proportion globally). Although a construction boom in commercial and residential property has resulted in a supply/demand imbalance, the UAE government has responded with initiatives designed to boost demand. Among these have been the relaxation of visa regulations and initiatives to improve transparency.
Momentum is expected to be fuelled further in the lead-up to Expo 2020, the report concluded.
Dubai takes the lead in sustainability initiatives of the top 20 cities - it has among the most ambitious sustainability goals. Under the UAE Sustainability Initiative, the city aims to achieve 30 per cent energy and water use reduction by 2030 and 75 per cent clean energy by 2050. The Dubai Electricity and Water Authority's 'Green Dubai' initiative is also promoting more sustainable energy use.
The report also lists Dubai as a global leader in the development of smart-city technologies. Its 'Smart Dubai 2021' strategy sets out its digital transformation goals in areas including Smart Mobility, Smart Living and Smart Governance.
Indian cities dominate list
Technology hub Hyderabad has edged out 129 other cities in the world to emerge as the world's most dynamic city,
The city has pushed Bengaluru to second place to regain the top position after a gap of one year. Chennai is at fifth and Delhi is at sixth place.
While Hyderabad and Bengaluru are the top two cities globally for socio-economic momentum, a more active real estate market helped elevate Hyderabad to first position in the overall ranking, says the report released by the US-based Jones Lang Lasalle (JLL) on Saturday night.
Hyderabad recorded the highest office net absorption in 2019 (as a proportion of existing stock) of any city globally, while it is also among the world's best-performing cities for prime office rental growth.
While all seven major Indian cities feature in this year's Global Top 20, cities in south India in particular - Hyderabad, Bengaluru and Chennai (5th) "are ahead of their northern peers, supported by favourable demographics and business climates".
"Their expanding tech industries and start-up cultures make them a magnet for young and ambitious talent from across the country, with Bengaluru having one of the world's largest concentrations of 'engine room' population (20-40 year olds), typically the most dynamic and productive age cohort," says the report.
Kolkata and Mumbai made it to the top 20, and stood at the 16th and 20th positions. Despite economic slowdown, India leads 2020 Index with seven Indian cities in the top 20.
"Commercial real estate in south Indian cities is growing at a rapid pace. Hyderabad has seen tremendous growth in 2019 in line with that of Bengaluru. The city has actively embraced technology driven economic growth and attracted large tech giants and e-commerce players. The state government's focus on business friendly policies and provision of high quality infrastructure along with availability of quality talent pool and superior quality business parks has given Hyderabad a competitive edge, said Ramesh Nair, CEO and Country Head - India, JLL.
The JLL City Momentum Index identifies a number of key growth drivers, including talent attraction, the expansion of innovation hubs and better urban planning, that cities can employ to meet the challenges faced by rapid momentum.
Several cities in the top 20 stand out as they transform their urban environments in pursuit of a low-carbon future.
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