• Dubai topped the Middle East and North Africa region in the 2024 Global Cities Index compiled by Kearney. It ranked 24th among 156 global cities. Chris Whiteoak / The National
    Dubai topped the Middle East and North Africa region in the 2024 Global Cities Index compiled by Kearney. It ranked 24th among 156 global cities. Chris Whiteoak / The National
  • Doha was ranked second in the Mena region and 51st globally on Kearney's Global Cities Index. Reuters
    Doha was ranked second in the Mena region and 51st globally on Kearney's Global Cities Index. Reuters
  • Tel Aviv in Israel secured third place in the region and ranked 57th globally. Getty Images
    Tel Aviv in Israel secured third place in the region and ranked 57th globally. Getty Images
  • Abu Dhabi was fourth in the Mena region and 59th globally on the index. Khushnum Bhandari / The National
    Abu Dhabi was fourth in the Mena region and 59th globally on the index. Khushnum Bhandari / The National
  • Riyadh was fifth regionally and 64th globally in the index. AFP
    Riyadh was fifth regionally and 64th globally in the index. AFP

Dubai and Abu Dhabi rank first globally in ease of entry for global talent


Deepthi Nair
  • English
  • Arabic

Dubai and Abu Dhabi have ranked first globally for ease of entry for global talent in this year's Global Cities Index.

The UAE’s open immigration policies seek to attract and retain foreigners in a bid to diversify its economy.

Dubai has also retained its top spot in the Middle East and North Africa region in terms of global engagement and connectivity, after ranking 24th out of 156 cities.

This is the fourth-consecutive year that Dubai has claimed a spot in the top 25 of the index, management consultancy Kearney said on Monday.

Doha ranked second in the Mena region and 51st globally, while Tel Aviv was third regionally and 57th worldwide in the Global Cities Index. Other regional cities featured in the index include Abu Dhabi (fourth regionally and 59th globally), Riyadh (fifth regionally and 64th globally) and Jeddah (sixth regionally and 84th globally).

Abu Dhabi also ranked first globally for internet speed, the index found.

The index measures the global engagement of 156 cities across five categories – business activity, human capital, information exchange, cultural experience and political engagement – and aims to quantify the extent to which a city can attract, retain, and generate global flows of capital, people and ideas, Kearney said.

“As patterns of global trade and capital flows shift, cities in the Middle East have enormous opportunity to leverage their strategic location, robust economies, attractive immigration policies, and underlying digital infrastructure to not only mitigate risks, but also propel economic growth,” said Rudolph Lohmeyer, a partner at Kearney.

In recent years, the UAE has implemented sweeping economic, legal and social reforms to attract skilled workers.

The government’s overhaul of visa programmes has increased opportunities for foreign workers to live and work in the country, including simplifying eligibility criteria for the 10-year golden visa and expanding the categories of beneficiaries.

The green visa was also introduced, offering five-year residency to skilled workers without the need for a sponsor or employer.

The UAE leads the Arab world for attracting and retaining talent, while Switzerland ranks as the top destination globally, according to the 2024 IMD World Talent Ranking.

Meanwhile, the top five cities on Kearney's GCI index are New York, London, Paris, Tokyo and Singapore, which displaced Beijing as the fifth-ranked city, while Shanghai broke into the top 10 for the first time.

This year's overall GCI rankings saw “quite a shake-up” due to an increased emphasis on cities’ digital capabilities, the Kearney report said.

Middle Eastern cities remained largely stable in their scores, with a stronger performance in the global services firms metric under the business activity dimension, according to the report.

“A sign of global cities’ adaptive behaviour is their response to Western immigration policies and the resulting outflux of top talent from traditional economic hubs. The US and the UK, in particular, have suffered major losses of foreign talent due to the stringency of their visa procedures, and this creates the opportunity for other nations to take advantage,” the report said.

“This reality is captured by the addition of the ease of entry metric into the human capital dimension of this year’s GCI. Many of the highest scorers in this metric were Western European cities.

“The top cities for ease of entry also included those located in nations that have adopted open immigration policies for the specific purpose of attracting talent, including Abu Dhabi and Dubai, Luxembourg, and Singapore.”

Dubai, Abu Dhabi, Riyadh, and Dammam demonstrated resilience amid global economic and geopolitical challenges.

Dammam saw a 19-rank increase in the business activity dimension, driven by a 71 per cent rise in its services sector, as five top global services firms established a presence in the city. Meanwhile, Riyadh recorded a significant increase in the rankings for unicorn companies, the findings showed.

Abu Dhabi ranked first in the Mena region and 32nd globally on Kearney’s Global Cities Outlook, which evaluates how 156 cities are creating conditions for their future status as global centres.

Dubai ranked second regionally and 44th globally on this index, which is measured across four categories – personal well-being, economics, innovation and governance.

San Francisco was ranked first in the Global Cities Outlook index, followed by Munich, Copenhagen, Luxembourg and Seoul.

Top 10 of the 2024 Global Cities Index

  1. New York
  2. London
  3. Paris
  4. Tokyo
  5. Singapore
  6. Beijing
  7. Los Angeles
  8. Shanghai
  9. Hong Kong
  10. Chicago

Source: Kearney

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Scoreline

Saudi Arabia 1-0 Japan

 Saudi Arabia Al Muwallad 63’

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

LAST-16 FIXTURES

Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi

Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi

Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

TCL INFO

Teams:
Punjabi Legends 
Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

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The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Where to apply

Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020

Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.

The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020. 

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The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

Updated: October 21, 2024, 9:30 AM