London - Dubai ranked 24th in the latest Global Financial Centres (GFC) report with 618 points, published on Friday by the City of London Corporation. The data was collected between July and December 2009, a period of considerable volatility as the global economic recovery got underway. In the report, London and New York lead the world, with 775 points each, being in the first place, while Asian centres continued to make gains with Hong Kong (739 points), Singapore (733 points), Tokyo (692 points), Shanghai (668 points) and Beijing (651 points) in particular, all recording strong performances. Beijing, Dubai and Shanghai are shown in the report as Global Contenders and moving towards upward journey. Dubai and Moscow show that they have the connectivity to succeed with necessary specific sectoral strengths. London and Dubai are perceived to have been impacted on the most, with 110, 89 and 51 mentions respectively. London and New York still lead the ratings, although the gap between them and third placed centre, Hong Kong continues to diminish, from 81 points a year ago and 45 points six months ago to just 36 points now. Overall, of the 75 centres rated in GFC7, 71 centres have received higher scores and only four have decreased since the last report. Business environment is viewed as the key area of competitiveness in the report. – The Gulf Today
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