Qatar has retained its title as the top financial centre in the Middle East, according to the latest Global Financial Centre Index (GFCI 15) published by the London based Z/Yen Group.

Qatar was ranked 26th globally, down two places on last year’s list but remained ahead of Dubai which was placed 29th, a fall of four places compared to the previous year.

A number of Gulf-based financial centres made significant jumps up this year’s rankings, Z/Yen said.

Riyadh leapt 16 places to be ranked 31st while Abu Dhabi rose 10 placed to 32nd and Bahrain improved its position to 40th, up 12 places.

Globally, New York overtook London to be the top ranked financial centre in the world while Hong Kong and Singapore were also placed in the top four.

In all, 29 out of the 83 centres covered in the list climbed in the ranks, while 47 centres declined, and four centres experienced no change.

Buenos Aires saw the biggest climb, up 21 places to 25th, while Rome saw the biggest fall, down 19 places to 54th.

The report showed that financial centres in Europe are still in turmoil with 23 of the 27 centres in the GFCI falling in the list. Significant fallers included Copenhagen, Edinburgh, Dublin, Madrid, Lisbon, and Rome…. see more

source: arabianbusiness