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Business Recorder
13-05-2025
- Business
- Business Recorder
Dubai named world's fourth smartest city
Dubai was named the fourth smartest city, by the IMD Smart City Index 2025, moving up 8 spots from last year. Zurich came in first place followed by Oslo and Geneva. Dubai scored well in several categories, cementing its position as a digital-first, future-forward city. Abu Dhabi came in fifth place followed by London, Copenhagen, Canberra, Singapore and Lausanne. The IMD Smart City Index, issued by the IMD World Competitiveness Centre, is a globally recognised analytical tool that assesses how effectively cities leverage digital technologies to enhance residents' quality of life. In the 2025 report, Dubai recorded progress in 16 out of 20 technology indicators and achieved advancement across all four pillars of technology governance, underscoring its commitment to smart city excellence. Asia Rising: Dubai's transformation to becoming tech hub draws parallel with Silicon Valley and Bengalaru The new cities added this year were: AlUla in Saudi Arabia, Astana in Kazakhstan, Caracas in Venezuela, Kuwait City in Kuwait, Manama in Bahrain, and San Juan in Puerto Rico – bringing this year's total to 146. Findings: A few of the metrics are listed below 86.5% of Dubai residents were satisfied with the city's current internet speed and reliability, 78.3% of residents find that free public wifi has improved access to city services 85.4% of residents thought processing identification documents online has reduced waiting times 8.3% responded that online ticketing has made attending shows and events easier 86.8% respondents thought that information on local government decisions are easily accessible 89.3% residents found that CCTV cameras has made residents feel safer Dubai was recently also named among top 5 fintech destinations globally. According to Dubai's Department of Economy and Tourism's (DET) FDI Monitor, venture-capital-backed FDI surged by 39% in 2024, a strong indicator of international investor confidence and Dubai's maturing innovation infrastructure. Of these investments, 54% of all announced FDI projects incorporated High to Medium technology components. Dubai is making major investments in technology and AI, aiming to lead innovation and is building capacity to support the ecosystem, so much so that government services are fully embracing and incorporating it.
Business Recorder
08-05-2025
- Business
- Business Recorder
Dubai on track to become top four global financial hub
Dubai's capital markets are playing a pivotal role in advancing the Emirate's ambition of becoming a global top four financial hub, largely driven by foreign investor activity, according to a new report published by HSBC in the UAE. 'Strategy to Scale: Dubai's Blueprint for Capital Market Growth' report, unveiled at the Capital Market Summit 2025, hosted by Dubai Financial Market (DFM), outlines how the fast-moving internationalisation of its equity and debt capital markets combined with an expansive structural reform agenda are bringing Dubai closer to its goal of being recognised among the world's top financial hubs, parallel to its goals outlined under D33 economic vision. Mohamed Al Marzooqi, CEO, UAE, HSBC Bank Middle East said, 'The sheer pace of change driving Dubai's capital markets growth requires consistent and clear guidance for new investors, particularly as an accelerating influx of institutional capital from right across the investment spectrum seeks to navigate and harness the region's dynamic opportunities,' he was quoted as saying by Arabian Business. Between 2016 to 2024, the DFM provided investors with higher returns than the broader MSCI EM Index, achieving a 4.9 per cent annualised US dollar return compared to 2.8 per cent for the broader emerging markets index. Foreign investors accounted for half of all trading on the DFM at the end of 2024 and represented 85 percent of all investors that registered with DFM in 2024, reflecting Dubai's international appeal, added the report. In 2024, the number of wealth and asset managers operating in Dubai International Financial Centre (DIFC) rose 16 percent year-on-year to 410, including 75 hedge funds of which 48 have more than $1billion under management, underscoring the changing shape of international investors, added the report. According to Dubai's Department of Economy and Tourism's (DET) FDI Monitor, venture-capital-backed FDI surged by 39% in 2024, a strong indicator of international investor confidence and Dubai's maturing innovation infrastructure. Dubai was also ranked in the top five cities for fintech in the latest edition of recent Global Financial Centre Index (GFCI) rankings. In 2024, Dubai accounted for 2.2 percent of global IPO volumes. According to the report, Dubai's debt capital markets are not only flourishing for its own credit universe, but for the world's, underpinned by an expanding DCM universe of local and international issuers. With one of the most developed debt capital markets in the MENA region, Nasdaq Dubai's growth as a global listing venue is encouraging more international issuers to bring deals to the Middle East, especially from Asia. Chinese corporations are increasingly turning to Dubai, with over $22 billion in debt on the exchange at the end of 2024. The past year also saw the value of outstanding Sukuk listed across Nasdaq Dubai and DFM reach $97.8 billion. Sukuk issuance across all currencies rose 42 percent year-on-year to $4.71 billion in Q1 2025, accounting for 76 percent of all debt capital market activity on Nasdaq Dubai during the period. Dubai's attractiveness as a listing destination is underscored by the fact that non-UAE fixed income issuers accounted for a full 45 percent of fixed income listings outstanding on the exchange in 2024, added the report.
