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.
