Latest news with #946
CairoScene
22-03-2025
- Business
- CairoScene
Dubai Ranks Among World's Top 5 Cities for Fintech For the First Time
Dubai was the only financial center in the region to be ranked among the top 15 cities listed across multiple sectors in the latest Global Financial Centres Index (GFCI) rankings. Mar 22, 2025 Dubai has been ranked among the top five cities globally for fintech in the latest Global Financial Centres Index (GFCI) rankings, marking its first appearance in this category. The emirate moved up to 12th place overall among global financial centres and was also recognised as the most frequently mentioned financial city in the index. The GFCI index, which evaluates 119 financial centers worldwide, is based on assessments from financial professionals and quantitative data measuring key industry factors. This year's rankings were derived from 31,314 financial center assessments, collected from 4,946 financial services professionals who responded to the GFCI online questionnaire. Dubai was ranked fifth in fintech, sixth in professional services, eight in investment management, 13th in trading and 14th in banking and finance and was the only financial centre in the region to be included in the top 15 rankings across these sectors. Additionally, alongside London, New York, and Paris, Dubai was categorised as one of eight cities globally recognised for its capabilities across all aspects of the financial industry.
Yahoo
21-03-2025
- Business
- Yahoo
London gains ground on New York in Z/Yen global financial hub survey
By Sinead Cruise LONDON (Reuters) - London is gaining ground on New York in a closely-watched index of the world's leading financial centres, in a first sign that efforts by policymakers to reboot Britain's sluggish banking and investment industry have started to bear fruit. The U.S. city has held the top position in think tank Z/Yen's Global Financial Centres Index since September 2018 but London closed the gap to just seven points after rising 12 points in the 37th publication of the survey published on Thursday. The GFCI 37 index was compiled using quantitative measures provided by third parties including the World Bank, United Nations and the OECD and 4,946 responses to the GFCI online questionnaire from industry participants. Hong Kong retained third position ahead of Singapore, while San Francisco, Chicago, Los Angeles, Shanghai, and Shenzhen were also unchanged in fifth to ninth positions. Seoul re-entered the top 10 centres in this edition of the index and in the top 20 rankings, Dubai rose four places to 12th position and Amsterdam rose nine places to 18th. The UK financial industry is grappling with continued challenges to its status as the world's second-largest financial hub, after losing unfettered access to the European Union's single market in the wake of Brexit. The Financial Conduct Authority and the Prudential Regulation Authority are consulting on growth-focused reforms to boost Britain's competitiveness, while Chancellor Rachel Reeves has called for a more balanced approach to risk. But the index showed that U.S. financial centres posted the lowest average improvement across the world's regions, suggesting confidence in U.S. financial services' performance may be waning. Federal Reserve Chair Jerome Powell said on Wednesday that trade tariffs imposed by President Donald Trump could delay efforts to curb inflation this year. The Fed left rates unchanged but testy geopolitics, trade wars and recession fears have already dampened dealmaking activity on both sides of the Atlantic. "Confidence in leading international financial centres remains strong, with a high degree of stability in the rankings. That said, the index period of GFCI 37 falls outside the new U.S. administration," Professor Michael Mainelli, chairman of Z/Yen, said, pointing to the uncertainty. New York, San Francisco, Chicago, and Los Angeles remain in the world's top 10, with Washington D.C. and Boston also in the top 20. On average, ratings for centres in this region rose 1.41%, compared with an average ratings increase across all centres of just over 2%. (Reporting By Sinead Cruise) Sign in to access your portfolio
Zawya
13-03-2025
- Business
- Zawya
Saudi bank credit surpasses $800bln by end of January 2025
RIYADH - The total bank credit granted to the public and private sectors in Saudi Arabia reached its highest level at SAR3,005,946 million by the end of January 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for January 2025. According to Saudi Press Agency (SPA), this marks an annual growth of 15 percent and an increase of over SAR348,219 million compared to the same period in 2024, when it stood at SAR2,621,726 million. Meanwhile, the total bank credit recorded a monthly growth of 2 percent by the end of January 2025, increasing by approximately SAR50,395 million compared to December 2024, when it stood at SAR2,955,550 million. ES
