Dubai has secured a spot among the top five cities worldwide for fintech, as revealed in the latest Global Financial Centre Index (GFCI) rankings. This recognition highlights the significant contributions of the Dubai International Financial Centre (DIFC), which has been instrumental in driving the city’s financial success over the past two decades.
Published on Friday by Z/Yen, the City of London’s leading commercial think tank, the rankings place New York at the forefront of the global fintech industry, followed by London, Singapore, Frankfurt, and Dubai. Notably, Dubai, along with Abu Dhabi, continues to dominate as the top financial hub in the MENA region.
DIFC, a special economic zone established in 2004, has grown to become a vital financial center for companies operating across the Middle East, Africa, and South Asia (MEASA) markets. The zone is home to numerous hedge funds, luxury hotels, art galleries, upscale restaurants, and family offices.
Currently, DIFC hosts about thirteen of the world’s top 100 hedge funds, and its family offices manage over $1.2 trillion in assets, according to Bloomberg. This growth is poised to accelerate, with Dubai recently unveiling new regulations that will enable businesses in its free zones to scale faster, reduce costs, and access broader markets.
Essa Kazim, Governor of DIFC, expressed pride in Dubai’s financial success, stating, “As one of only eight cities globally recognized as a leader in the financial industry, we’re shaping the future of global finance and supporting the Dubai Economic Agenda.” He further added, “Dubai’s emergence as a top-five global fintech hub reflects our commitment to innovation, driven by the forward-thinking initiatives of DIFC.”
The GFCI report ranks 119 financial centers around the world, combining professional assessments and quantitative data. New York tops the overall rankings, followed by London, Hong Kong, Singapore, and San Francisco. Dubai climbed four places to secure 12th in the global financial center rankings, with Mumbai and New Delhi ranking 52nd and 60th, respectively.
Key sectors such as finance, banking, investment management, trading, and insurance continue to be dominated by New York, London, Hong Kong, and Singapore. However, Dubai’s strong performance in the fintech space cements its growing influence on the global financial landscape.
