Sunday, June 19, 2011

Could Middle East financial centers pose threat to leader London?

Qatar, a top global investor through its sovereign wealth fund, is closing the gap in ratings and is now only 8 points behind Dubai. (File photo)
Despite London retaining its top spot as the leading global financial center in 2011, the ninth Global Financial Centers Index (GFCI) reveals that European frontrunners are being challenged by fast developing nations in the Middle East.

Of the four Middle Eastern centers in the GFCI, Dubai has maintained a lead since the index first began in 2007.

However Qatar, a top global investor through its sovereign wealth fund, is closing the gap in ratings and is now only 8 points behind Dubai having been 135 points behind in the second GFCI in 2007