Dubai ranked third after Shanghai and Beijing in the list of cities to most successfully implement the positive aspects of globalization in their development, according to the influential international agency JLL’s report.
“Dubai occupies a unique niche on the world stage … The emirate combines many characteristics of both established and emerging cities thanks to its meteoric and unprecedented rise,” the report titled ‘New World of Cities: Global City Index’ notes.
These findings by JLL have the utmost importance, since these indexes are usually used by international investors, when making a decision to invest in commercial real estate. Dubai shares its status in offering a higher quality environment with the likes of Santiago, Bengaluru and Shenzhen.
Mumbai, Manila and Jakarta JLL experts have called promising in terms of development potential, but poorly governed. Investments in the city infrastructure, according to JLL, should be not less than 4-6% of the GDP of the city, which is at least USD 20 billion a year for such cities like, for example, Istanbul. Dubai Municipality pays special attention to the continuous city’s infrastructure improvement, and is trying to bring additional private investments in this sphere through public-private partnerships together with government funds.
According to experts, in the near future Dubai will be able to successfully compete with the so-called "super-cities of the big six" in the amount of annual investments in real estate and business. Now these six cities include London, New York, Paris, Tokyo and others, collectively attracting 22% of the overall global real estate investment flow.