Dubai has been ranked first in the world for fintech in the 40th edition of the Global Financial Centres Index (GFCI).

The 40th edition of the Global Financial Centres Index (GFCI), released on Wednesday, placed Dubai among the world’s top 10 financial centres, ranking it ninth, down two places from last year. Abu Dhabi was ranked 13th globally, jumping from 21st place last year.

The city remains the only financial centre in the Middle East, Africa and South Asia (MEASA) region to feature in the global top ten, according to the index.

The emirate’s fintech leadership is maindly driven by the Dubai International Financial Centre’s (DIFC) push into artificial intelligence and innovation, which helped Dubai climbed to second place globally for professional services.

Dubai’s global reputation ranking also advanced, rising to sixth place worldwide, reflecting sustained international confidence in its financial ecosystem.

Dubai further retained its position as the financial centre expected to grow in significance, topping the "future potential" category for a fourth consecutive GFCI report.

The GFCI report is compiled by London-based consultancy Z/Yen in partnership with the China Development Institute. The latest edition drew on 39,531 assessments from financial industry professionals globally, combined with 143 instrumental factors to produce the rankings.

(Source: Khaleej Times)