Dubai is 'Middle Eastern City of the Future' says Financial Times publication

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More than 20 cities from 15 countries were under consideration for the prestigious title by FDi magazine's panel of judges in a search for excellence that began in September of last year. The competition was to crown the top-most city for 2005-06. The Financial Times publication said that the judges used 20 demanding criteria to gauge which locations among the contenders offered the best deal to investors.

'Dubai has won the title of 'Middle Eastern City of the Future,' said the Financial Times publication in its latest edition.

'We are obviously delighted,' said Mohammed Al Gergawi, Chairman of the Board of Dubai Development and Investment Authority (DDIA), the emirate's investment promotion agency and Chief Executive Officer of Dubai Holding.

The DDIA was responsible for Dubai's nomination for Fdi magazine's 2005-06 competition and the emirate's finally winning the title was based on the information the DDIA provided to the judges panel.

'The title of 'The Middle Eastern City of the Future' is a global acceptance of Dubai's stature as an emerging world city. It is an acknowledgement of the great vision of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence and of his determination of transforming his visions into reality,' said Al Gergawi.

Model society
'The title is a tribute to all the hard work that we all have put in to make Dubai what it is today. Each and every resident of this great melting pot of Dubai in his or her own way is responsible for creating a model society that has been recognised by no less than the world's best business publication,' said the DDIA Chairman.

'The title of 'The Middle Eastern City of the Future' is also a motivation for us to strive further. Under the leadership, guidance and direction of Their Highnesses, the Rulers of Dubai, we affirm our resolve to make real their far-reaching vision of a Dubai that stands shoulder to shoulder with the major cities of the world,' Al Gergawi said.

In its latest issue, the Financial Times publication pointed out that: 'Time and time again, it (Dubai) has shown what can be achieved when oil resources are invested wisely.'

The magazine pointed out: 'Although Dubai's rapid economic growth began in the 1960s with the first production of oil, the city's wealth is no longer dependent on natural resources. In 2003, tourism overtook oil revenues as the prime source of income. Dubai's annual gross domestic product (GDP) is now approaching US $20 billion, with annual FDI (foreign direct investment) inflows of more than US $2 billion.'

The publication said that Dubai has efficiently managed its transformation from an old-world town into a thriving metropolis with excellent communication and industrial infrastructures and a thriving services sector.

Major achievements
'Major achievements include the creation of the largest man-made harbour in the world and huge industrial complex; and the creation of a major air travel hub and financial services centre for the entire region,' the magazine said.

'Dubai's increasingly sophisticated population has access to an excellent range of services. For example, 39% of households have Internet connection and more than 98% of the adult population has a mobile phone. Dubai also won the 'Best Transport Infrastructure' and 'Best IT and Telecommunications' category. The city has long welcomed foreign investors and there are no corporate or personal income taxes. Dubai has more than a dozen big investment projects scheduled for completion before 2010,' the Financial Times publication pointed out.

It also referred to the fact that Dubai's GDP growth was of more than 6.5% in both 2002 and 2003, and with its FDI inflows, the emirate shows a 'strong' economic performance. Dubai was also named as the most 'connected' city in FDi's Middle Eastern Cities of the Future competition 2005-06.