Dubai stands as the unrivaled gem among city brands in the Middle East and Africa, according to the recent findings of a Brand Finance report. Rising above the rest, the emirate secured the 9th spot on the global scale within the best city brands. Brand Finance’s inaugural City Index report unveiled Dubai’s impressive overall score of 75.8 out of 100.
The Brand Finance ranking draws its strength from a comprehensive global survey encompassing approximately 15,000 individuals across 20 countries. Conducted in April, the survey aimed to gauge perceptions of the world’s top 100 cities. Respondents shared their opinions on each city’s overall reputation and their personal considerations regarding living, working locally or remotely, studying, retiring, visiting, or investing.
Renowned as the “city of gold,” Dubai has gained recognition due to its stature as a major gold trading hub and a captivating destination for jewelry enthusiasts. Beyond its glittering reputation, Dubai’s significance as a hub for tourism and commerce in the Middle East played a pivotal role in its success across various business and investment indicators.
Dubai’s accolades in the report are numerous:
- It claimed the top spot for future growth potential
- It was ranked second for a strong and stable economy
- Secured the third position, trailing only New York and London, as a city of global significance.
The emirate’s remarkable resilience is evident in its economic bounce-back following the slowdown caused by the COVID-19 pandemic. Dubai’s gross domestic product (GDP) has experienced a robust recovery, primarily fueled by the revitalization of the travel, tourism, and retail sectors. The first nine months of 2022 saw the emirate’s economy expand by an impressive 4.6% year-on-year. Retail trade alone accounted for 24.1% of its GDP, according to data from the emirate’s statistics center.
Dubai’s appeal to foreign direct investment (FDI) projects also remained unrivaled. For the second consecutive year, the emirate retained its position as the world’s premier destination for attracting greenfield FDI projects in 2022. The announcement of FDI projects saw an astounding 89.5% year-on-year growth, as the Dubai Media Office reported, citing data from the 2022 Financial Times fDi Markets report.
Andrew Campbell, the Managing Director of Brand Finance Middle East, highlighted the rapid establishment of strong city brands in the Middle East compared to their European counterparts. He emphasized the exponential growth of business and investment opportunities in the region’s major cities over the past few decades. Campbell further noted that efforts to elevate the prominence of the region’s tourism offerings would likely enhance the familiarity and global standing of Middle Eastern city brands.