December 23, 2009

Dubai is set to play an important role in the global financial services industry map, consultancy firm KPMG has said in a report.A latest report by KPMG on the competitiveness of 15 key global centres of finance has placed Dubai International Financial Centre (DIFC) on the seventh position and Dubai on the tenth."The results of the report highlight that leveraging on DIFC’s immense potential, Dubai is set to play an important role in the global financial services industry map," KPMG UAE Chairman and CEO Vijay Malhotra said.

Singapore was ranked the topmost ahead of London and New York, which were put in the second and the third places, respectively.Although centres like London and New York have performed strongly, the perceived impact of the financial crisis and consequent events seem to have impacted their overall competitiveness," the report said.Other financial centres (in the region) covered in the report were Doha in Qatar, Manama in Bahrain and Riyadh in Saudi Arabia, which ranked 13th, 14th and 15th, respectively.