Dubai Secures Second Place in the World’s Top 5 Cities in Resonance Consultancy Ranking
Dubai has once again proven its global prominence, clinching the second spot among the world’s top 5 cities, surpassing competitors like Singapore, Los Angeles, and Barcelona. This distinction comes courtesy of a recent report by Resonance Consultancy, which evaluated metropolitan areas with populations exceeding one million based on a blend of statistical metrics and qualitative assessments. The study considered an array of factors, ranging from exceptional culinary experiences and attractions to the presence of Global 500 corporations, direct flight connections, and social media mentions.
Dubai has once again proven its global prominence, clinching the second spot among the world’s top 5 cities, surpassing competitors like Singapore, Los Angeles, and Barcelona. This distinction comes courtesy of a recent report by Resonance Consultancy, which evaluated metropolitan areas with populations exceeding one million based on a blend of statistical metrics and qualitative assessments. The study considered an array of factors, ranging from exceptional culinary experiences and attractions to the presence of Global 500 corporations, direct flight connections, and social media mentions.
Dubai’s ascent to this lofty position can be attributed to its myriad attractions, high-quality education offerings, innovative solutions, advanced healthcare infrastructure, and unparalleled experiences. In this article, we will delve into the driving forces behind Dubai’s emergence as a premier global destination for living, working, and investing.
Economic Resurgence in Dubai
In the face of the 2020 economic downturn, where Dubai’s economy contracted by 10.9% due to its heavy reliance on sectors like travel, retail, tourism, and hospitality, the city has rebounded remarkably. Projections from governmental sources indicate an anticipated 3.1% expansion in 2021, thanks to a resurgence in global travel and one of the world’s fastest vaccination campaigns. Notably, the United Nations recognized Dubai’s resilience in 2021, praising its ability to navigate unforeseen crises and develop robust long-term strategies for risk management.
Dubai’s economic recovery is evident in Q1 2021 data, which showed an impressive 11% growth compared to Q4 2020. Furthermore, the city’s gross domestic product is expected to expand by 3.4% in 2021, primarily fueled by Expo 2020, which witnessed an influx of 411,768 ticketed attendees during its first 10 days. As winter approaches, Dubai is poised to attract even more visitors seeking respite from colder climes.
The latest Consumer Index Report for Q3 2021 attests to Dubai’s economic resilience, with consumer confidence reaching its highest level in a decade. This index assesses expectations regarding local job prospects, personal finances, and other factors. As noted by Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance & Consumer Protection sector in Dubai Economy, this reflects Dubai’s successful response to economic challenges posed by the COVID-19 pandemic. The study also reveals high levels of satisfaction, with 82% of Emiratis and 81% of business owners from other nationalities expressing contentment with the current economic climate.
A Secure Haven
In 2021, Dubai solidified its place among the world’s top 10 safest cities, garnering recognition in over 100 security and safety indicators from internationally renowned competitiveness reports. Notably, Dubai ranks first in more than 11 indicators related to Personal Safety, as evidenced in the Safe Cities Index by the Economist Intelligence Unit and the Smart Cities report by IMD World Competitiveness Center. Dubai’s security efforts during the pandemic are commendable, utilizing drones for sterilization campaigns and specialized transport for COVID-19 patients.
Further enhancing safety, Dubai introduced the Drone Box platform in July 2021, significantly reducing police response times for criminal activities and traffic accidents. High-resolution video capabilities enable the identification of individuals, aiding Dubai Police in apprehending wrongdoers. The city also boasts artificial intelligence systems for autonomous police patrol assignment and a vast network of 300,000 smart surveillance cameras for comprehensive security coverage.
Leading in Technology and Innovation
Dubai’s commitment to innovation is propelling it towards becoming the world’s smartest city. In 2021, Dubai earned the top spot for business innovation in the Arab world and ranked 94th globally in the Finom.de study. The city continues to invest in smart policies such as Dubai Data Strategy, Dubai 10X, Smart Dubai 2021, Dubai Blockchain Strategy, and Dubai Pulse Platform, with over 100 smart initiatives and 1,000 smart services aimed at enhancing efficiency in daily operations and government services.
Dubai’s Internet of Things (IoT) strategy seeks to establish an advanced IoT ecosystem, enabling data-driven decisions and innovation. The IoT market is expected to surge from AED 2.6 trillion (USD 726 billion) in 2019 to AED 4 trillion (USD 1.1 trillion) by 2023, cementing Dubai’s status as the world’s most advanced technological ecosystem. Initiatives like constructing 25% of Dubai’s buildings with 3D printing by 2030 underscore Dubai’s commitment to technological advancement.
Dubai has also partnered with IBM to establish the first AI Lab, incorporating AI and machine learning into government and city services. Additionally, Dubai has become a magnet for cloud service providers, exemplified by IBM’s data center presence. The city ranks first globally in Dedicated Cyber Security teams and the Level of Technology employed, highlighting its commitment to digital security.
A Diverse Population and Exceptional Services
Dubai’s appeal extends to its diverse population, with foreign-born citizens comprising over 80% of the total populace, fostering a rich multicultural environment. The city ranks 11th globally in Henley & Partners’ index, offering residency through investment migration programs for professionals, entrepreneurs, and high-net-worth individuals.
Dubai distinguishes itself by offering one of the world’s highest take-home pay packages after tax and social security deductions, making it a magnet for high-income earners. Income for salaried employees in the UAE is often entirely tax-free, with no social security contributions imposed on non-nationals.
Dubai boasts an exceptional healthcare system, ranking first in Emergency Services, fifth in Arranging Medical Appointments online, and seventh in Medical Services Provision Satisfaction in the Middle East. The city’s advanced healthcare infrastructure positions it as a burgeoning hub for medical tourism in the region.
For expats with children, Dubai offers over 200 private schools following international curriculums, serving 90% of the student population. The city also hosts five public and 58 private colleges and universities, including renowned institutions like Murdoch University and the University of Wollongong in Dubai.
Dubai’s appeal to digital nomads has grown significantly, making it the second most popular global destination for remote work. Initiatives like the Green Visa, introduced in September 2021, further incentivize self-dependent individuals to work in the country and sponsor family members.
Reduced property prices and a thriving real estate sector make Dubai even more attractive for investment. The city’s flexible mortgage regulations and abundant supply ensure minimal risk, as reflected in its low bubble risk rating among 25 leading global cities.
A Flourishing Business Environment
Dubai’s vibrant business environment has witnessed a surge of new companies in 2021, with 16,000 joining during the first eight months, marking a remarkable 68.5% year-on-year growth, according to Dubai Chamber. Electronic transactions also surged, underscoring Dubai’s commitment to facilitating business operations by reducing fees and introducing waivers for various service charges.
The Dubai World Trade Center Authority introduced new regulations in October 2021 to attract high-net-worth individuals and ultra-high-net-worth individuals, further boosting the city’s reputation as a haven for the wealthy.
Dubai Parks & Resorts continues to diversify its entertainment portfolio, adding thrilling theme park roller-coasters and unique attractions, while the Middle East’s first Legoland Hotel enhances family experiences. The city is a magnet for global attractions, including the world’s deepest diving pool, Madame Tussauds Dubai, Float Dubai—the largest floating night club, and the forthcoming Museum of the Future.
Lastly, The Heart of Europe, a visionary development off Dubai’s coast, promises a unique blend of cultural, dining, and hospitality experiences, set against the backdrop of sustainability initiatives.
In conclusion, Dubai’s dynamic economy, unwavering commitment to safety and security, technological innovation, diverse population, exceptional services, and business-friendly environment have collectively propelled it to the forefront of the world’s top cities, making it an increasingly desirable destination for residents, businesses, and tourists alike.