DUBAI IS MENA POWERHOUSE
dubai — Dubai has retained its top position in the Mena region among the world’s top 44 powerful cities in terms of economic strength, research and development, cultural interaction, liveability, environment and accessibility.
According to the annual Global Power City Index 2018 released by Mori Memorial Foundation’s Institute for Urban Strategies, the emirate was the 29th most powerful city in the world and the only city from the Mena region.
Despite a six position drop in its ranking as compared to last year’s index, the emirate was rated stronger than Geneva, Milan, Kuala Lumpur, Moscow, Taipei, Bangkok and Mumbai among others.
In terms of economic growth, Dubai was the 17th most powerful city, stronger than the likes of Geneva, Washington, Paris, Frankfurt, Boston, Brussels, Vienna and others. The emirate even fared better in accessibility and cultural interaction sub-indexes where it was ranked 12th and 13th, respectively. In sub-indexes of research and development, liveability and environment, the emirate was ranked 35th, 23rd, and 38th, respectively. One of the key reasons for Dubai’s economic strength, according to the Index, is its leadership position in offering the lowest corporate income tax at 0 per cent, excluding some corporate entities such as those engaged in the production of oil and gas. Dubai was followed by Hong Kong with 16.5 per cent corporate tax rate, Singapore at 17 per cent, London at 19 per cent and Beijing/Shanghai at 25 per cent.
The report cites rich availability of facilities that cater to higher-income tourists as
Its shift towards an innovation and knowledge-based economy are forecast to positively affect Dubai’s growth Lenie Assaad,
associate, Allied Investment Partners
Dubai has developed a strong global brand name as a wellregulated and well managed investment destination Manoj Krishnan,
head of private wealth at Continental Financial Services