eFinancialCareers

Gulf states’ attempts to become the location of choice for bankers wanting to escape the carnage in Western markets appears to be working. The latest rankings of global financial centres has put them in a strong position and they’re tipped to surge over the next five years.

The Global Financial Centres Index is a twice-yearly rating commissioned by the City of London and undertaken by research company Z/Yen. It’s based on surveys combined with publicly available indices on financial activity, infrastructure and affordability.

Dubai and Qatar have both moved up the rankings and, together with Bahrain, are tipped to become more significant going forward.

Stewart Fraser, head of policy for the City of London, says: “Dubai is recruiting people. That makes them look positive.”

Qatar, in particular, has surged up the rankings since the survey was first rolled out in March last year.

Stewart Pearce, chief executive of the Qatar Financial Centre, says: “More and more financial services firms are looking to the Middle East and are seeing it as a place of strategic importance.”

But predictably, it’s Dubai that rules the roost within the GCC, coming in at a relatively modest 22nd. But it’s not where it is now that’s important, more where it’s going to be.

The good news is that there are likely to be a lot more job opportunities in the emirate in the next few years, with Dubai tipped as the centre most likely to attract new banking operations. It topped the pile above Geneva, New York, Mumbai and London.

One New York-based asset manager said: “Just watch out for Dubai over the next five years – it has huge amounts of capital and a real willingness to do what it takes to become a global centre”.