ID :
15742
Wed, 08/13/2008 - 15:16
Auther :
Shortlink :
https://oananews.org//node/15742
The shortlink copeid
Dubai ranked fifth financial centre outside US, Europe
Dubai, Aug 13, 2008 (WAM) - Dubai is boosting the emergence of the Gulf Cooperation Council (GCC) region as a centre of activity in the global financial industry, according to a study undertaken by UK-based global research organisation Chatham House according to a report in 'Khaleej Times.'
The study titled 'The Gulf as a Global Financial Centre: Growing
Opportunities and International Influence' examines the prospects for the
economies of the Gulf Cooperation Council (GCC) countries and the potential
development of the region as a Global Financial Centre.
The study pointed to Dubai's high ranking in the City of London's Global
Financial Centres Index (GFCI) for March 2008. The Index ranked Dubai 24th,
ahead of cities like Shanghai, Stockholm, Brussels, Mumbai and Madrid. The
Chatham House report highlighted the fact that, outside Europe and North
America, Dubai was ranked fifth in the world in the London survey.
Dubai was also cited by the survey as being the number one among financial
centres to "become significantly more important over the next two to three
years." As a destination where businesses are thinking of opening in the
next few years, Dubai was ranked number one. Bahrain was ranked 39th while
Qatar was ranked 47th in the overall GFCI Index.
Extrapolating from the GFCI report and its own estimates for economic and
financial sector growth, Chatham House said the GCC could overtake both
Australia and Tokyo in the rankings over the next decade. The GCC economy
has approximately tripled in size in just five years and the combined GDP
will be well above US$1 trillion in 2008, while the states' external
financial wealth in the form of sovereign wealth funds (SWFs) and foreign
exchange reserves alone is more than double this figure, the study said.
The GCC 'brand', which has been very successful in promoting the visibility
and image of the region, should be actively pursued to further enhance
market power and credibility, the Chatham House study suggested.
"Economic growth and wealth creation," it said, "will continue to provide
the big punch behind the 'brand'."
The study further talked about the need for GCC countries to "aggressively"
correct the tendency for observers to view the region as a 'developing
economy'.
The GCC's average GDP per capita is now almost on a par with many developed
economies while its non-energy GDP per capita is well above emerging-market
levels, it noted.
The study titled 'The Gulf as a Global Financial Centre: Growing
Opportunities and International Influence' examines the prospects for the
economies of the Gulf Cooperation Council (GCC) countries and the potential
development of the region as a Global Financial Centre.
The study pointed to Dubai's high ranking in the City of London's Global
Financial Centres Index (GFCI) for March 2008. The Index ranked Dubai 24th,
ahead of cities like Shanghai, Stockholm, Brussels, Mumbai and Madrid. The
Chatham House report highlighted the fact that, outside Europe and North
America, Dubai was ranked fifth in the world in the London survey.
Dubai was also cited by the survey as being the number one among financial
centres to "become significantly more important over the next two to three
years." As a destination where businesses are thinking of opening in the
next few years, Dubai was ranked number one. Bahrain was ranked 39th while
Qatar was ranked 47th in the overall GFCI Index.
Extrapolating from the GFCI report and its own estimates for economic and
financial sector growth, Chatham House said the GCC could overtake both
Australia and Tokyo in the rankings over the next decade. The GCC economy
has approximately tripled in size in just five years and the combined GDP
will be well above US$1 trillion in 2008, while the states' external
financial wealth in the form of sovereign wealth funds (SWFs) and foreign
exchange reserves alone is more than double this figure, the study said.
The GCC 'brand', which has been very successful in promoting the visibility
and image of the region, should be actively pursued to further enhance
market power and credibility, the Chatham House study suggested.
"Economic growth and wealth creation," it said, "will continue to provide
the big punch behind the 'brand'."
The study further talked about the need for GCC countries to "aggressively"
correct the tendency for observers to view the region as a 'developing
economy'.
The GCC's average GDP per capita is now almost on a par with many developed
economies while its non-energy GDP per capita is well above emerging-market
levels, it noted.
