Dubai ranks 3rd in world's top cities, beating New York, London and Paris

The emirate's handling of the Covid pandemic and the sweeping social reforms it had introduced were among the factors that bolstered its global reputation


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by

Angel Tesorero

Published: Fri 9 Jun 2023, 5:21 PM

Dubai has secured third place among Top 10 prominent global cities – besting New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco – based on the recent rankings by UK-based The Economist.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, tweeted about this achievement on Friday, 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.

Launched by Sheikh Mohammed in January this year, the key goal of D33 is to double the size of Dubai's economy over the next decade and to consolidate its position among the top three global cities.

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.”

Top cities

The Economist created the index based on four categories—population, economic growth, office vacancies and house prices—over the past three years. To create an overall score, each city was ranked based on how it performed on these measures.

According to The Economist, Miami claimed top spot, “thanks to its strong economic growth and perky property market”, where real house prices leapt by 39.5 per cent from 2019 to 2022.

Singapore ranked second and Dubai came in third, with a strong population jump of 5.8 per cent in the past three years. New York came in fourth place, followed by London, Tokyo, Sydney, Johannesburg, Paris and San Francisco in 10th spot.

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.”

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