Abu Dhabi, Dubai Most Resilient Cities in MEAuthor businessconsultantsdubai
According to a research by global property experts, Savills, the two most resilient cities in the Middle East are Dubai and Abu Dhabi.
In the research, the global property experts analyzed the two cities sustainability and ability to work through problems related to technology, demography, and leadership disruption currently being faced by global properties. The two cities are predicted to remain as most resilient cities through the next 10 years.
According to the research data, Dubai, the business hub in the Middle East, was positioned as the 25th most resilient city almost a decade ago. Since then, this business hub has climbed up to number 22. Abu Dhabi places 27th on the list and is predicted to rise to 26th on the list. Currently, both Abu Dhabi and Dubai are said to be among the top 30 most resilient cities in the world and will continue to do so for the next 10 years.
The managing director of Wealth Monitor, Arshad Khan, stated that the key to a successful country is to remain quickly adapt to the newest technology, keep positive attitudes towards innovation and to maintain a strong competitive strategy. Furthermore, Khan complimented UAE for being quick to adapt to new technologies and innovation. Moreover, he admired UAE’s leadership’s for maintaining a stable socio-economic status.
Savills’ Resilient Cities Index
Savills’ Resilient Cities Index shows that regionally, Kuwait City, Riyadh, and Jeddah are listed as the other top five most resilient citied. However, Riyadh is expected to overtake Kuwait City by the next 10 years.
Research shows, Middle East, India and second-tier Chinese cities should be looked into by investors who are interested in long-term investments. These markets currently do not have much activity. However, in the next 10 years, these markets are expected to grow due to global market disruption.
Savills’ world research director, Sophie Chick stated that the common factor among the listed eight challenger cities is that a significant increase will be seen in their GDP and growth in the household incomes. The dependency ratios of the cities are expected to fall or increase in insignificant rates than major cities during the next 10 years.
Rise in GDP
During the previous 10 years, the number of cities with the gross domestic product (GDP) of over $50 billion has increased to 248 from 177. In the next 10 years, the number of such cities is expected to increase to 317.
A decade ago, cities with GDP over $50 billion was accounted for 73% of the global GDP. In 2018, the cities that accumulated more than $50 billion deemed for 83% of the total global GDP. Over the next 10 years, this value is expected to increase to 89% as cities continue to develop.
Simon Hope, head of global capital markets at Savills, says that the names on the list of world’s top global cities seem to have permanent places. This, however, is not the case due to the expected disruptive innovation that is to be faced by the markets. The creation of new markets will make various changes to the functionality of society and how businesses will be operated in the next 10 years.
Hope further reported that Savills’ Resilient Cities Index shows the predicted state of the long-established global cities and what they will face in the next 10 years.
Plan of action
If all of this convinces you to own a business setup in Dubai, you can contact Business Consultant Dubai and the firm will guide you on business registration and company formation. It will take care of your registration and licensing process and provide you with support services like product registration, bank account opening and many other such services to support your business setup in Dubai.
Work with us to find quick solutions to your queries. Call us today!