Dubai: Dubai’s credentials as the place to do business has been given a firm push with a new ranking naming it the third “most dynamic” city in the world, just after San Francisco and London and ahead of Chinese metropolises, Shanghai and Wuhan.

In all, the pros and cons of 111 business hubs were filtered through in a new study — the City Momentum Index — put out by the real estate consultancy Jones Lang LaSalle.

In particular, the rankings reflect how well or otherwise a city is able to get ahead and meet its socio-economic goals and the momentum this can derive for its commercial realty. To cap a fine performance, the city must be able to sustain the momentum over the longer term.

New York, Austin, Hong Kong, San Jose and Singapore make up the other five cities in the Top 10.

Dubai also figures in the list of “elite cities” in the Index, based on the fact that they — San Francisco, London, New York, Hong Kong, Singapore, Los Angeles and Tokyo apart from Dubai — accounted for a quarter of direct commercial real estate investments in the period 2012-13.

“Dubai is bouncing back following a deep slump in its economy and real estate market…property prices are rising but growth appears to be on a sounder footing than in…2006-08, underpinned by the city’s strong global connectivity and its status as the service hub for the region,” the report said. The city’s ranking also reflects its status as a staging point for the “increasingly dynamic sub-Saharan Africa”…. see more

source: gulfnews