Dubai Is Sole Middle Eastern City In GPCI 2023 Top 10 List
July 16, 2024
Markets

Dubai Is The Sole Middle Eastern City In GPCI 2023 Top 10 List

Emirate Rises From 11th To 8th Position

Dubai has become the first Middle Eastern city to feature in the top 10 list of the world’s 48 major cities, according to the Global Power City Index (GPCI) 2023 report.

Issued by the Mori Memorial Foundation’s Institute for Urban Strategies, established by Mori Building, Tokyo’s leading urban developer, the GPCI 2023 report assessed the vitality of the world’s 48 major cities and saw Dubai rise from 11th to 8th in the top 10 listings.

The annual GPCI report ranks the world’s major cities in terms of their ‘magnetism’, or overall power to attract creative individuals and businesses worldwide.

GPCI
Target cities. Credit: Institute for Urban Strategies

Cities are ranked based on 70 indicators across six essential urban functions: economy, R&D, Cultural Interaction, Liveability, Environment, and Accessibility. The indicators and data-collection methods are continually refined to ensure that the GPCI accurately reflects global cities’ current conditions.

The 2023 rankings are determined by changes in global transportation, cost of living, and workstyles. The latest rankings showcase consistency in the top positions, with London maintaining its lead, followed by Singapore and Tokyo, which retained its third spot.

Significant Milestone

A notable highlight is Dubai’s surge into the top 10 for the first time, a significant milestone that underscores the shifting dynamics in global city competitiveness. The Gulf emirate’s ascent in the rankings was fuelled by notable improvements in Economy, Cultural Interaction, Liveability, and Accessibility, reflecting its growing prominence as a regional hub.

GPCI
Comprehensive rankings. Credit: Institute for Urban Strategies

Shanghai experienced a notable decline, dropping from the top 10 to the 15th, signalling further changes in the global urban landscape.

The rankings, influenced by prevailing global conditions, reflected the enduring impacts of international conflicts, inflationary pressures, and evolving work patterns.

GPCI
Shanghai dropped from the top 10 to the 15th. Credit: Arnold Pinto

Across the board, indicators such as ‘Number of Air Passengers‘ and ‘Arrivals and Departures at Airports’ underscored the international aviation sector’s continued challenges, struggling to rebound to pre-pandemic levels.

Significant Shifts

In Liveability, significant shifts were observed in ‘Price Level’ and ‘Housing Rent’, indicative of mounting cost-of-living pressures affecting urban dwellers worldwide. Moreover, the decline in retail stores and restaurants was a stark reminder of the enduring effects of remote work trends and affordability concerns, particularly evident in US cities.

GPCI
Remote work trends and affordability concerns are particularly evident in US cities. Credit: Arnold Pinto

Examining specific urban functions, Tokyo witnessed a decline in its economic prowess, slipping five places to 10th position. This was attributed to reduced competitiveness in ‘Variety of Workplace Options’ and ‘Wage Levels’.

Conversely, London showcased resilience, bolstering its standings across various indicators, including ‘Wage Level’ and ‘Number of Foreign Visitors’.

GPCI–Financial Centres 2023 Report

In parallel with the GPCI 2023 report, the Mori Memorial Foundation has unveiled the GPCI–Financial Centres 2023 report, reflecting cities’ efforts to enhance their stature as international financial hubs.

GPCI
Specific rankings. Credit: Institute for Urban Strategies

London reaffirmed its dominance, witnessing a resurgence in critical indicators such as ‘Wage Level’ and ‘Number of Foreign Visitors’.

Meanwhile, New York maintained its second-place position, albeit with marginal score erosion, highlighting challenges in retail and dining sectors amid evolving workstyles. Despite holding third place, Tokyo faced setbacks in Economy and Environment functions, underscoring the need for sustained efforts to bolster competitiveness despite its high ranking.

Paris, trailing closely behind Tokyo, grappled with intra-city mobility challenges despite improvements in international air connections.

Singapore Rebounds

Similarly, Singapore rebounded from pandemic-induced stagnation, registering gains in Economy and Cultural Interaction. However, a pronounced decline in Liveability underscored affordability concerns, mirroring global trends.

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Beijing is placed 17th in the GPCI 2023 report. Credit: Arnold Pinto

Dubai’s remarkable ascent, buoyed by advancements across multiple functions, solidified its status as a burgeoning economic and cultural hub, akin to London and New York in their respective regions.

Conclusively, the GPCI–2023 reports offer a comprehensive insight into the evolving dynamics of global urban competitiveness, underlining the profound impact of geopolitical shifts, economic uncertainties, and societal transformations.

As cities navigate multifaceted challenges, they must foster resilience, innovation, and inclusivity to sustain and enhance their global standing in an increasingly interconnected world.

Featured image: Dubai has become a burgeoning economic and cultural hub. Credit: Arnold Pinto

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, aerospace, defence, luxury watchmaking, business, automotive, and fashion verticals. He is passionate about conserving endangered native wildlife globally. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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