DUBAI: A new Economist Intelligence Unit report lists Dubai as the most competitive city in the Middle East and 40th globally. The United Arab Emirates capital, Abu Dhabi is close behind, coming in at 41s position on the report. Both the UAE cities are ranked ahead of Barcelona, Shanghai, Kuala Lumpur, Milan, Rome among others in competitiveness. “It is a sign that Dubai, Abu Dhabi and the country as a whole are really moving forward on efforts to make it a leading destination for business and companies in the region,” said a researcher at Citi, which commissioned the report. He added to Bikyamasr.com that “the UAE is definitely a country that if we keep going, can become a top global city in a few years.” Released on Monday, the report, titled “Hot Spots,” ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists. “Economic boom is altering the landscape of leading cities more rapidly than at any point in human history. In an unprecedentedly short space of time, cities such as Dubai, Shanghai and Shenzhen have carved out a new physical identity to match their rapid economic emergence,” the report said. “Dubai, Santiago and Singapore are just three examples of cities with specific programs in place to attract talent from elsewhere. Dubai is rapidly building a business friendly, zero tax environment to attract workers,” the report added. The 2012 Cost of Living survey published recently by EIU said Dubai and Abu Dhabi were among the least expensive cities in the world. Dubai fell from number 78 in 2011 among 140 metropolitan cities surveyed to number 94 this year – a drop of 16 places. The study, however, bases the cost of living on foreigners visiting the country and not based on local life or purchasing power. Citi CEO Vikram Pandit said, in commenting on the recent Hot Spots report that “cities are engines of prosperity and innovation and we are committed to partnering with them to help reach their full potential. But as cities vie for investment, talent and business, we recognize that competitiveness is about more than growth. “We commissioned this report to improve understanding of market competitiveness and to identify where growth, opportunity and talent are likely to be found in the decades ahead. Its findings provide valuable insight for clients, institutions, and municipalities we serve in cities around the world,” he continued. BM ShortURL: http://goo.gl/uyvOI Tags: Abu Dhabi, Competitive, Dubai, Report, UAE Section: Business, Latest News, United Arab Emirates
