Dubai ranked world's number one fintech hub in latest global index

Dubai has been ranked the world's number one location for financial technology by international industry professionals, according to the latest Global Financial Centres Index, Khaleej Times reported. The city remains the only financial center in the Middle East, Africa and South Asia region to feature in the global top ten.

What is Dubai's ranking in the world?

Dubai holds the top global spot for fintech in the newly released index. The emirate also ranks ninth overall among the world's financial centers, second for professional services and sixth for reputation. It additionally topped the "future potential" category for a fourth consecutive report.

Dubai's fintech leadership is driven largely by the Dubai International Financial Centre's push into artificial intelligence and innovation. This helped the emirate climb to second place globally for professional services.

Dubai's global reputation ranking also advanced, rising to sixth place worldwide. This reflects sustained international confidence in its financial ecosystem.

How is the Global Financial Centres Index compiled?

The index is compiled by London based consultancy Z/Yen in partnership with the China Development Institute. The latest edition drew on 39,531 assessments from financial industry professionals worldwide, combined with 143 factors to produce the rankings.

The 40th edition of the index, released on Wednesday, placed Dubai among the world's top 10 financial centers, ranking it ninth. That is down two places from last year. Abu Dhabi was ranked 13th globally, up from 21st place last year.

Globally, New York topped the list, followed by London, Hong Kong, Singapore, Shanghai and Tokyo.

What is driving Dubai's fintech growth?

Essa Kazim, governor of DIFC, said the results reinforced Dubai's position as a leading financial center. He said they reflected the success of the Dubai Economic Agenda D33.

He added that DIFC had played a key role in drawing financial institutions, talent and innovation to the emirate. He said the center provided the regulatory and legal environment needed for sustainable growth.

Arif Amiri, CEO of DIFC Authority, said Dubai's ranking was underpinned by the scale of DIFC as the region's largest ecosystem of regulated financial firms. These span banking, capital markets, wealth and asset management, insurance and fintech.

How many financial firms operate in DIFC?

DIFC is home to 10,018 active firms, including 1,134 regulated entities. These comprise 327 banks and capital markets firms, 71 brokerages, 165 insurance and reinsurance companies, and 592 wealth and asset management firms, including more than 100 hedge fund managers.

The center also hosts 1,933 AI, fintech and innovation firms. It connects more than 50,200 professionals, positioning it as one of the top five fintech hubs globally.

What is the Zabeel District expansion?

DIFC's ongoing 17.7 million square foot Zabeel District expansion is expected to accommodate more than 42,000 companies and a workforce exceeding 125,000.

The new district will include Grade A office space, an Innovation Hub, an AI campus and an expanded academy. It will also feature residential and hospitality developments, along with the Museum of Digital Art, the region's first museum dedicated to digital art and technology.