Abu Dhabi, Dubai, and Riyadh Named Among Global Contenders Reshaping the Economic Landscape

Abu Dhabi and Dubai have been recognized as 'contenders' reshaping the global economic landscape in a flagship report released on Tuesday by Oxford Economics. The two emirates, along with the Saudi capital Riyadh, represent the Middle East on a list of 28 'cities to watch' featured in the UK-based advisory firm's Global Cities Index.

Oxford Economics evaluated the cities using five key metrics: economics, human capital, quality of life, environment, and governance. Other global locations making the list included five African cities—Accra, Cairo, Dakar, Luanda, and Nairobi—as well as Asia-Pacific's Bengaluru, Ho Chi Minh City, Kuala Lumpur, Shenzhen, and Tashkent, alongside five representatives each from Europe, Latin America, and North America.

Analysts at Oxford Economics noted that these dynamic contenders are rapidly evolving markets forging independent growth paths that key stakeholders and policymakers can no longer ignore. Liam Sides, director of city services and lead author of the report, explained that strong performance in one category tends to lead to excellence in others, creating a self-reinforcing cycle of success.

Dubai climbed nine spots from the previous list to enter the top 50 at rank 42, finishing second in human capital and 53rd in economics. Analysts highlighted that immigration reforms such as Golden Visa and retirement visa programs are designed to incentivize longer-term stays for higher-income individuals. Meanwhile, Abu Dhabi moved to 84th place, ranking sixth in human capital and 110th in economics, though analysts emphasized that economic development in the wider Gulf region feeds off the success of Abu Dhabi's economy as it undergoes full economic diversification and transformation.

Riyadh recorded a significant leap of 47 spots to reach 50th place, ranking fourth in human capital and 18th in economics. Oxford Economics stated this reflects substantial economic and social development, noting that the Saudi capital has displayed notable resilience to disruptions from the US-Iran conflict through diversification efforts and targeted investment.

Overall, the three Gulf cities have emerged globally to attract high-skilled workers and innovative businesses. While the current Middle East conflict poses threats, deep financial buffers and strong long-term fundamentals position the region's major cities to continue driving growth, supported by robust non-oil private sector activity in both the UAE and Saudi Arabia.

Globally, New York retained the top spot in the report, followed by London and Paris, with Seattle, San Francisco, Dublin, Boston, San Jose, Tokyo, and Zurich rounding out the top 10.