Dubai rose one spot to rank 11th this year's Global Financial Centres Index, buoyed by growth in its financial technology (FinTech) sector.
The emirate, the commercial and financial hub of the region, came fourth globally for FinTech on the index released on Thursday.
Abu Dhabi was the next Middle Eastern entry on the list at 28th − soaring 10 positions from its 38th place ranking the year before.
Dubai also ranked in the top 10 for professional services, government and regulatory, and trading sectors, making it among only seven cities to make the top five in one or more categories.
The index, published by Z/Yen Group in partnership with the China Development Institute, is an annual survey of the key centres for financial market activity around the world. A total of 135 cities were tracked for this year's list.
The index looked into regulatory aspects that are most important to the development of financial centres.
“The most important factor was predictability, followed by flexibility, the quality of regulation and the speed of regulatory response,” it said. “Cost was identified as the least important aspect by those responding to the survey.”
In a post on X, Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance said Dubai International Financial Centre's more than 1,500 FinTech and artificial intelligence companies have collectively attracted over $4.2 billion in investments. “Dubai is shaping the future of the economy and innovation,” he added.
On Thursday, the Government of Dubai Media Office said the emirate's rise in the rankings is a reflection of the DIFC's success and its “role as the region’s most active ecosystem for growth-stage technology firms and entrepreneurs”.
“Through the DIFC, we are enabling innovation, creating opportunities for growth and ensuring Dubai continues to play a leading role in defining the future of the global economy,” DIFC governor Essa Kazim said.
Dubai's appeal as a hub for financial activity has maintained its strength on business-friendly regulations combined with its economic momentum.
The emirate's gross domestic product grew 4 per cent annually in the first quarter of 2025, rising to Dh119.7 billion ($32.6 billion), backed by expansion across several vital sectors.
Dubai also maintained its top position for greenfield foreign direct investment in the first half of 2025, the Government of Dubai Media Office said on Monday, citing the Financial Times' fDi Markets data.
Globally, New York took the top spot on the financial centres index, followed by London, Hong Kong, Singapore, San Francisco, Chicago, Los Angeles, Shanghai, Shenzhen and Seoul.
Overall, there was little movement in the rankings – the top 10 centres stayed put – suggesting “no major change in the economic outlook across the leading economies in the world, with slightly improving growth and inflation falling”, the report said.
In the Middle East, Abu Dhabi was the next highest financial hub after Dubai, at 28, with Doha at 62, Riyadh at 67, Bahrain at 73, Tel Aviv at 75, Kuwait City at 83, Istanbul at 88 and Tehran at 117.
Dubai also received the most mentions to a question on which cities are expected to become “more significant” as a financial hub over the next two to three years. Dubai's 95 mentions were well ahead of Singapore, Seoul, Riyadh and Hong Kong.
Among the top 15 in that category, eight are in the Asia-Pacific region while six are in the Middle East and Africa – Abu Dhabi placing sixth – “highlighting the increasing importance of these regions in global finance”, the survey said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Zayed Sustainability Prize
MATCH INFO
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
ARGYLLE
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The years Ramadan fell in May
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Company%C2%A0profile
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
