Dubai secures third position in global economic performance

Gulf Today, Staff Reporter

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, said on Friday that Dubai ranked third in the world in the Global Economic Performance Report issued by The Economist.

Sheikh Hamdan said on Twitter, "According to The Economist recent index, Dubai secured the third position among ten 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 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.

“We thank all the 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.”

According to the economic performance index, Dubai outperformed cities such as New York, London and Tokyo.

The index is based on changes in four main metrics: population, economic growth, job vacancies and house prices over the past three years.

Dubai witnessed an increase in its population by 5.8% between 2019 and 2022, while house prices increased by 11.9% during the same period.

The Economist said that Dubai benefited during the Covid-19 pandemic in attracting investors and capital from countries that imposed strict protocols on population movement during the ban period.

The report added that a large number of investors and job seekers choose Dubai for its wide range of advantages, including warm weather throughout the year, lenient regulations for people annoyed by Western routines, and relatively low taxes.

Miami topped the general classification on the economic performance index, followed by Singapore in the second place, while New York ranked fourth after Dubai, and London ranked fifth.