According to the latest Global Economic Performance Report issued by The Economist, Dubai is the third most prominent city in the world. The emirate surpassed New York, London, Tokyo, Sydney, Johannesburg, Paris, and San Francisco. The ranking is based on 4 criteria, which include population, economic growth, office vacancies and house prices over the past 3 years from 2019 to 2022. Miami ranked first in the economic performance index, whilst Singapore came in second and New York fourth.

As stated by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, this important milestone can be attributed to the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Dubai Economic Agenda (D33), which aims to make Dubai one of the world’s leading urban economies, also played a major role in this achievement.

Between 2019 and 2022 Dubai saw an increase in its population by 5.8%, whilst property prices skyrocketed by 11.9% during the same period. According to The Economist, the emirate stood out during the pandemic in attracting investors and capital from countries with restrictions on population movement. The report also states that many investors and expats choose Dubai for a wide range of benefits, such as warm climate, favorable tax environment, and mild regulations.