Dubai saw off LA, Toronto, Seoul, Milan and Vienna to claim 13th place in the World's Cities Index. Chris Whiteoak / The National
Dubai saw off LA, Toronto, Seoul, Milan and Vienna to claim 13th place in the World's Cities Index. Chris Whiteoak / The National
Dubai saw off LA, Toronto, Seoul, Milan and Vienna to claim 13th place in the World's Cities Index. Chris Whiteoak / The National
Dubai saw off LA, Toronto, Seoul, Milan and Vienna to claim 13th place in the World's Cities Index. Chris Whiteoak / The National

Dubai beats Toronto, Milan and Vienna in World's Best Cities Index


Matthew Davies
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  • Arabic

Dubai has beaten Los Angeles, Toronto, Seoul and Milan in the latest World's Best Cities Index, claiming 13th place in the rankings compiled by the marketing and brand strategy company Resonance. The report is recognised as the most comprehensive of the world's leading metropolitan areas with a population greater than one million.

Although Dubai slipped seven places compared to last year, Chris Fair, president and chief executive of Resonance told The National that the city still ranked “quite strongly as a desirable place to live. Perception in Dubai, globally, is still very strong”, he said.

For the first time the element of perception was introduced in the World’s Best Cities report, as market research company Ipsos surveyed more than 22,000 people in 31 countries. “The phrase ‘perception is reality’ is often used when developing reputation management strategies for companies, but the same holds true for destinations,” says Jason McGrath, executive vice president at Ipsos. “By merging the top-of-mind destinations where people tell us they want to live, work and visit with the rigorous evaluation of places that Resonance has been conducting for nearly a decade, we have created a more comprehensive evaluation of cities and can better advise destinations on how to strengthen their reputation.”

The addition of the Ipsos perception data meant other cities moved down the rankings as well. Doha dropped from 36th place last year to 73rd, while Hong Kong fell from 46th spot to 97th, narrowly missing being removed from the top 100 altogether. “That’s not that people necessarily had a negative perception of Hong Kong, just that it was not top-of-mind when we asked people what three cities would you most like to live in, what three cities would you most like to visit and what three cities do you think offer the best job opportunities,” Mr Fair told The National. “Hong Kong can still be very successful and have a strong brand perception on a regional basis, but on a global basis it’s no longer top-of-mind and that affected its ranking significantly this year.”

Doha Bay. At number 73, Doha was the only other Gulf city to make the World's Best Cities top 100. Getty Images)
Doha Bay. At number 73, Doha was the only other Gulf city to make the World's Best Cities top 100. Getty Images)

Aside from perception, overall the methodology analyses liveability metrics as diverse as housing affordability, air quality, transport and greenery, as well as data from sources such as Instagram and Trip Advisor. London topped the World’s Best Cities list for the tenth year in a row, and more than 30 US cities made the top 100, as New York moved up one place to take the number two slot from Paris.

“London’s edge comes from its constant reinvention,” Laura Citron, chief executive of London and Partners told The National. “London never stands still, it’s always changing. In a world that’s changing enormously fast – post-Covid-19, with artificial intelligence, geopolitics and climate change, a city that stands still can very quickly become irrelevant.”

Liveability, lovability, prosperity

Within the three different metrics of liveability, lovability, and prosperity, cities were scored according to various criteria. Within liveability, factors such as parks and green spaces, density of cycle paths and quality of air were all taken into account. Lovability covered restaurants and nightlife, attractions and museums, as well as the total number of Facebook check-ins by visitors and residents, a metric on which Dubai scored very highly. Prosperity concentrated on GDP per capita, unemployment, poverty rates, how the universities were ranked, the business environment and the connectivity of the city’s airports.

Tower Bridge and the City of London financial district. London topped the World's Best Cities for the tenth year in a row. EPA
Tower Bridge and the City of London financial district. London topped the World's Best Cities for the tenth year in a row. EPA

While Dubai came first for the number of Facebook check-ins, London was found to be the Instagram-mentioned city in the world. Elsewhere, Barcelona topped the nightlife league, while Tokyo led the tables in both shopping and restaurants. Auckland in New Zealand, while coming in 47th overall, was the best city for air quality, while Vienna was the best for cycling and Chicago came first in the parks and recreation category.

In terms of trade relations, Ms Citron pointed to the rapidly growing business connectivity between London, Dubai and beyond. “We’ve seen a lot of our Indian investors using Dubai and London in a kind of triangle to conquer the world,” she told The National. “A lot of our Indian investors will set up an operation in Dubai and one in London and run their global operation from India. That’s been really exciting and a trend we’ve been leaning into, working in a three-way with India and Dubai.”

At 73rd, Doha ranked just below Glasgow and one place above Warsaw in Poland. At number 85, Cape Town was the only African city on the list, while Brazil’s Rio de Janeiro was placed at the bottom 100th spot.

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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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.”

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Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

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Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

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Updated: November 20, 2024, 3:38 PM