emirates7 - Dubai International Financial Centre (DIFC) has released the sixth edition of its flagship “Future of Finance” report series, titled “‘Next-Generation Financial Cities: New models for attracting global capital”, which explores the rising competitiveness of emerging financial cities amidst growing pressures faced by traditional financial hubs.
DIFC launched the report in collaboration with its research partner, Asia House, during a global webinar that drew over 600 senior executives from around the world. This edition highlights how emerging cities are advancing ahead of established financial centres such as New York, London and Hong Kong by leveraging innovative models to attract capital, talent, and global enterprises.
While traditional hubs still retain scale and trust, the report outlines several challenges affecting them — including rising costs, ageing infrastructure and populations, political uncertainty, and regulatory stagnation — all of which new opportunities for emerging centres.
The report confirms the rise of the next generation of financial cities, including Dubai, Miami, Milan, São Paulo, and Shenzhen, noting the shifting dynamics of the global financial sector.
These cities were selected based on their advancing positions across several global indices such as the Global Financial Centres Index (GFCI), the Global Power City Index, the IMD Smart City Index, and Julius Baer’s Global Wealth and Lifestyle Report, which together offer a comprehensive picture of their development.
The report identifies four core features that underpin competitiveness in financial centres: talent attraction, financial infrastructure and adaptability, regulation and governance, and connectivity. It concludes that leadership in the future financial sector will depend on how cities integrate these attributes to build dynamic ecosystems that foster innovation, attract investment, and preserve global competitiveness.
It also forecasts that the future of global finance will be shaped by a distributed network of interconnected centres, each capitalising on its unique strengths to boost global appeal.
Arif Amiri, Chief Executive Officer of DIFC Authority, said that emerging financial hubs are enhancing their strategic adaptability, implementing comprehensive reforms, and embracing innovative models to outpace established centres. Dubai, he noted, has unique characteristics that give it an exceptional competitive advantage. On the legal and regulatory front, emerging hubs like Dubai, through DIFC, have adopted a Common Law framework and introduced specialised regulations for financial markets.
DIFC continues to enhance Dubai’s global competitiveness by aligning talent, infrastructure, and governance, reinforcing the foundations of the new era of global finance.
As part of the report, an interview was conducted with Professor Michael Mainelli, recipient of the Order of St John and the Order of Merit of the Italian Republic, a chartered accountant, securities and computing expert, Chairman of Z/Yen Group, and President of the London Chamber of Commerce and Industry.
Commenting on Dubai’s rise in the GFCI rankings, Professor Mainelli said, “When we launched the index in 2005, the average centre scored 567 points, and Dubai was close at 570. In the latest edition, the average is now 697, a notable improvement. Dubai, however, has moved significantly from 570 to 748 points, placing it just outside the global top 10. Back then, Dubai was three points above average; now, it is 51 points ahead.”
Dr. Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers, said that quality of life is a key factor, particularly for centres aiming to attract international professionals. He noted that when individuals relocate with their families, their first concerns are often about international schools, safety, and access to green spaces.
Regarding optimal engagement between traditional and emerging financial hubs, Wolfgang Engel, General Manager and Regional Representative at the Institute of International Finance (IIF) for the Middle East and Africa, said that emerging centres should not be seen as competitors but as partners in building a resilient and inclusive global financial system. He added that cooperation in areas such as FinTech standards, cross-border data flows, and climate finance could unlock shared value.
The report confirmed Dubai’s ability to outperform traditional financial centres and lead the transformation of the financial landscape across the Middle East and globally.
With over 8,000 active registered companies, including the region’s largest number of entities regulated by the Dubai Financial Services Authority (more than 1,000), DIFC is now one of the world’s top four cities in the FinTech sector. The number of FinTech, AI and innovation firms based at the Centre has surpassed 1,500.
Firms in these sectors have collectively raised over US$4.2 billion in investments, reaffirming DIFC’s position as the region’s most active ecosystem for growth-stage tech companies and ambitious entrepreneurs.
DIFC launched the report in collaboration with its research partner, Asia House, during a global webinar that drew over 600 senior executives from around the world. This edition highlights how emerging cities are advancing ahead of established financial centres such as New York, London and Hong Kong by leveraging innovative models to attract capital, talent, and global enterprises.
While traditional hubs still retain scale and trust, the report outlines several challenges affecting them — including rising costs, ageing infrastructure and populations, political uncertainty, and regulatory stagnation — all of which new opportunities for emerging centres.
The report confirms the rise of the next generation of financial cities, including Dubai, Miami, Milan, São Paulo, and Shenzhen, noting the shifting dynamics of the global financial sector.
These cities were selected based on their advancing positions across several global indices such as the Global Financial Centres Index (GFCI), the Global Power City Index, the IMD Smart City Index, and Julius Baer’s Global Wealth and Lifestyle Report, which together offer a comprehensive picture of their development.
The report identifies four core features that underpin competitiveness in financial centres: talent attraction, financial infrastructure and adaptability, regulation and governance, and connectivity. It concludes that leadership in the future financial sector will depend on how cities integrate these attributes to build dynamic ecosystems that foster innovation, attract investment, and preserve global competitiveness.
It also forecasts that the future of global finance will be shaped by a distributed network of interconnected centres, each capitalising on its unique strengths to boost global appeal.
Arif Amiri, Chief Executive Officer of DIFC Authority, said that emerging financial hubs are enhancing their strategic adaptability, implementing comprehensive reforms, and embracing innovative models to outpace established centres. Dubai, he noted, has unique characteristics that give it an exceptional competitive advantage. On the legal and regulatory front, emerging hubs like Dubai, through DIFC, have adopted a Common Law framework and introduced specialised regulations for financial markets.
DIFC continues to enhance Dubai’s global competitiveness by aligning talent, infrastructure, and governance, reinforcing the foundations of the new era of global finance.
As part of the report, an interview was conducted with Professor Michael Mainelli, recipient of the Order of St John and the Order of Merit of the Italian Republic, a chartered accountant, securities and computing expert, Chairman of Z/Yen Group, and President of the London Chamber of Commerce and Industry.
Commenting on Dubai’s rise in the GFCI rankings, Professor Mainelli said, “When we launched the index in 2005, the average centre scored 567 points, and Dubai was close at 570. In the latest edition, the average is now 697, a notable improvement. Dubai, however, has moved significantly from 570 to 748 points, placing it just outside the global top 10. Back then, Dubai was three points above average; now, it is 51 points ahead.”
Dr. Jochen Biedermann, Managing Director of the World Alliance of International Financial Centers, said that quality of life is a key factor, particularly for centres aiming to attract international professionals. He noted that when individuals relocate with their families, their first concerns are often about international schools, safety, and access to green spaces.
Regarding optimal engagement between traditional and emerging financial hubs, Wolfgang Engel, General Manager and Regional Representative at the Institute of International Finance (IIF) for the Middle East and Africa, said that emerging centres should not be seen as competitors but as partners in building a resilient and inclusive global financial system. He added that cooperation in areas such as FinTech standards, cross-border data flows, and climate finance could unlock shared value.
The report confirmed Dubai’s ability to outperform traditional financial centres and lead the transformation of the financial landscape across the Middle East and globally.
With over 8,000 active registered companies, including the region’s largest number of entities regulated by the Dubai Financial Services Authority (more than 1,000), DIFC is now one of the world’s top four cities in the FinTech sector. The number of FinTech, AI and innovation firms based at the Centre has surpassed 1,500.
Firms in these sectors have collectively raised over US$4.2 billion in investments, reaffirming DIFC’s position as the region’s most active ecosystem for growth-stage tech companies and ambitious entrepreneurs.