Dubai overtakes New York and Paris in list of world’s best cities
Dubai has been ranked third in the world’s top 10 cities, ahead of New York, London, Tokyo, Sydney, Johannesburg, Paris and San Francisco, according to a report by British magazine The Economist.
According to His Highness Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai, this assessment reflects Dubai’s achievements over the past three years. He recalled that the Dubai Economic Agenda (D33) aims to make the emirate one of the best cities in the world.
As you know, a key objective of the D33 is to double the size of Dubai’s economy over the next decade and strengthen the emirate’s position in the top three cities in the world. The Crown Prince “thanked all government and parastatal entities, as well as private sector partners” who rallied as a team for the benefit of Dubai.
The Economist’s ranking assessed living conditions, economic growth, job vacancies and house prices over the past three years. The ranking notes that Dubai offers residents warm weather and a mild business environment. The emirate has also decriminalised alcohol and cohabitation of unmarried couples.
The cost of living in Dubai and Abu Dhabi has risen sharply, according to an earlier Cost of Living 2023 study by Mercer. In the ranking, Dubai moved up to 18th place in the world, while Abu Dhabi was ranked 43rd. Despite this, the UAE economy continues to show steady growth.
One of the key factors influencing the rise in the cost of living has been the rise in property rents. In Dubai, for example, rental prices are rising at an average annual rate of 25% and in Abu Dhabi at 6-8%. In addition, the prices of food (up to 11%), transport services (4%) and sports (5%) have risen.
The study notes that, despite the rise in prices, the cost of living in the UAE remains competitive compared to the world’s major cities. Hong Kong remains the most expensive city in the world, followed by Singapore. In the Middle East, the leader in terms of cost of living is Tel Aviv, which remains the most expensive city for foreigners.
Source: Khaleej Times
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