Dubai named world’s third most dynamic city
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Dubai has been ranked among the world’s most dynamic and momentous cities in a recent survey, second only to San Francisco and London.
The City Momentum Index (CMI) by Jones Lang LaSalle (JLL) appraised the dynamism of 111 global cities including Abu Dhabi, Riyadh, Jeddah, and Cairo.
Named among the major global gateways and trading hubs with Hong Kong and Singapore, Dubai is considered a centre of rising power and influence, wielding ever greater economic might.
According to the index, it is one of eight Elite cities in the world which have become magnets for top talent and are home to the largest concentrations of high net worth individuals who attract significant levels of foreign direct investment. They are also dominant in terms of high-value business and financial services, and exhibit healthy real estate sectors.
In recent years Dubai has struggled to build economic and real estate momentum, but is showing signs of renewed vigour, helped on by the successful Expo 2020 bid.
According JLL, Dubai is bouncing back following a deep slump in its economy and real estate market since the Global Financial Crisis. Today however, property prices are rising and growth appears to be on a sounder footing than in the pre-crash years, underpinned by the city’s strong global connectivity and its status as the service hub for the region, as well as its position as a preferred staging point for an increasingly dynamic Sub-Saharan Africa.
The CMI went beyond traditional, static economic rankings to identify cities that demonstrate a combination of strong short term socio-economic and commercial real estate momentum and longer term foundations for success.
According to Jeremy Kelly, director of Global Research for Jones Lang LaSalle; “It is such measures of dynamism in infrastructure, connectivity and innovation that we believe will be steering many investment and location decisions in the future, though investors and corporates should note that high momentum can pose both risk and opportunity.”
Top ten momentous cities:
1. San Francisco
2. London
3. Dubai
4. Shanghai
5. Wuhan
6. New York
7. Austin
8. Hong Kong
9. San Jose
10. Singapore
Source: Jones Lang LaSalle City Momentum Index
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