JEDDAH, 17 February 2005 — Dubai has been named the “Middle Eastern City of the Future” by the highly esteemed Financial Times publication, FDi Magazine.
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 last September. The competition was to crown the top-most city for 2005-06. The 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 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 judging 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 Gen. Sheikh Mohammed ibn Rashid Al-Makhtoum, crown prince of Dubai and UAE minister of defense and of his determination to transform his visions into reality,” said Al-Gergawi.
“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 recognized 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 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 FT 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 $20 billion, with annual FDI (foreign direct investment) inflows of more than $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 include the creation of the largest man-made harbor in the world and huge industrial complex; and the creation of a major air travel hub and financial services center for the entire region,” the magazine said.
“Dubai’s increasingly sophisticated population has access to an excellent range of services. For example, 39 percent of households have Internet connection and more than 98 percent 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 publication pointed out.
It also referred to the fact that Dubai’s GDP growth was of more than 6.5 percent in both 2002 and 2003, and with its FDI inflows, the emirate shows a “strong” economic performance. Dubai was also named the most “connected” city in FDi’s Middle Eastern Cities of the Future competition 2005-06.
