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Business
Dubai ranked 8th in Global Power City Index
Saturday, November 11, 2023
PanOrient News
TOKYO: The Mori Memorial Foundation’s Institute for Urban Strategies, a research body established by leading Japanese urban developer Mori Building, has announced its latest Global Power City Index report on the overall strength of the world’s 48 major cities, and Dubai has cracked the top 10 for the first time.
Positions one through 10 remained unchanged, but Dubai rose from 11th to 8th, becoming the first Middle Eastern city in the top 10.
London (1st) and Singapore (5th) improved their scores by renewing strengths that had stagnated during the pandemic. New York was second, followed by Tokyo, Paris, Singapore, Amsterdam, Seoul, Dubai, Melbourne and Berlin.
London showed overwhelming strength in Cultural Interaction, especially with recovered performance in “Number of Foreign Visitors,” and Dubai also expanded its presence in this function.
Dubai rose to its highest ranking ever thanks to improved scores in Economy, Cultural Interaction, Livability and Accessibility. In Economy, it ranked 1st in “Corporate Tax Rate” and rose from 23rd to 10th in “Wage Level.”
In Cultural Interaction, it was 1st in “Number of Foreign Residents” and 2nd in “Number of Luxury Hotel Rooms.” It also was 1st in “Total Unemployment Rate” and “Workstyle Flexibility” (Livability) as well as “Average Driving Speed” (Accessibility).
The report said, “Dubai is steadily increasing its presence as a core city in the Middle East, similar to London in Europe and New York in the Americas.”
Global conditions such as international conflicts, high inflation and changing workstyles had a significant impact on this year’s rankings overall as well as in six urban functions and 70 indicators.
Scores generally declined in “Number of Retail Stores” and “Number of Restaurants,” especially among U.S. cities, suggesting that recent work-from-home trends, as well as cost of living, continued to impact city centers. In Accessibility, “Commuting Time” continued to decrease in the majority of cities since 2019 based on data collected through residential surveys in each city.
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