A new index of competitiveness of global finance hubs from NYU Abu Dhabi’s Stern School of Business placed Abu Dhabi in 12th place, ahead of Dubai (14th), Riyadh (26th), and Doha (29th). The top three are New York, London, and Singapore.
The ranking is based on the scale and institutional heft of a given city’s roster of firms, and the potential for growth and innovation. Its creators want the index to guide strategy and show how quickly newer hubs can move when public policy, talent, and capital align.
Competition among regional capitals to emerge as an international finance hub is still intense, with no city yet managing to take the crown. “Somewhere between Europe and Asia there’s room for a new financial center addressing an economic area of East Africa, North Africa, all the way through the Gulf, Turkey and India,” the president of Singapore’s stock exchange group SGX, Michael Syn, told Semafor. “But no single hub has emerged as an obvious champion.”