Dubai is now one of the most popular business destinations in the world, according to a new report.
Business Footprints – Global Office Locations, by real estate consultancy CB Richard Ellis, focused on factors such as market transparency, gross domestic product, population, and the ease of doing business. After taking these different areas into account, Dubai has been ranked the ninth most popular place in the world for businesses to have a presence.
56.1 per cent of the businesses interviewed have a presence in Dubai and its geographical location is seen as a bonus for them.
“An important factor for Dubai is that it acts as a gateway city for companies who have plans to expand across the Middle East and North Africa (MENA),” said Nicholas Maclean, managing director of CB Richard Ellis Middle East.
“It also fares very well in the industrial sector, as companies know they can employ good quality management teams in Dubai but also have access to relatively cheap labour.”
Compared to the other cities in the top ten, Dubai gives the impression of punching above its weight, according to McLean. However the lack of competition in the region has given Dubai a five-year advantage of other cities in the area. Additionally, salaries in the UAE are relatively competitive globally.
The report placed Hong Kong as the number one destination with 67.5 per cent of the vote.
Meanwhile, Singapore took second (67.5 per cent), Tokyo third (63.9 per cent), London (63.9 per cent) landed in fourth and Shanghai (61.4 per cent) claimed sixth place.
