Qatar has been ranked the top financial centre in the Middle East region with its standing moving six places up to 24, according to the latest Global Financial Centres Index (GFCI).
Qatar’s rating rose by 11 points, driven by the economy’s growth prospects, improving infrastructure, international connectivity, low employee taxation and commitment to human development, said GFCI that covers 80 financial centres.
London-based Z/Yen Group published the GFCI 14 Index yesterday, according to a statement released on behalf of Qatar Financial Centre (QFC) Authority.
“In the Middle East, Qatar, Bahrain and Istanbul see significant increases in their rankings whilst other centres fall slightly. Elsewhere, South America now joins Asia chasing London’s and New York’s supremacy,” Z/Yen Group chairman Michael Mainelli said.
Qatar has achieved an average global assessment of 690, up from 682 in the previous survey.
“All regions except Europe and the offshore centres have given favourable assessment to Qatar with the Americas and Asia/Pacific being more favourable than the Middle East/Africa region,” the survey said.
“The latest index demonstrates how Qatar continues to strengthen its standing as a prominent financial centre,” Qatar Financial
Centre CEO Shashank Srivastava said.
Dubai declined two places to 25th position in the world.
Istanbul continues its strong performance to achieve 44th position (13 positions up) and overtakes Riyadh whose position has deteriorated since the previous edition of GFCI. Riyadh is ranked 47 against 33 in the previous round.
