Dubai, and Abu Dhabi gain ground in Global Financial Centers Index despite regional conflict

Gulf financial hubs hold the line: The latest Global Financial Centers Index (GFCI) — compiled largely after the regional conflict began — found Riyadh, Dubai, and Abu Dhabi all posting real gains, not just steady ranks. Riyadh jumped 15 places to 46th globally, Abu Dhabi rose eight places to 13th, and Dubai held onto a top-10 spot at ninth despite slipping two places, according to the index (pdf).

Why it matters: These are among the first hard numbers on how the Gulf's financial reputation has held up since the conflict began — and by that measure, all three centers came through with real momentum. Riyadh’s 15-place jump ties for the fifth-largest rank gain of any center in the 117-center index, behind only Copenhagen, Ho Chi Minh City, Oslo, and Mexico City. The Saudi capital’s 25-point rating increase also outpaces gains in Abu Dhabi (+18) and Dubai (+8) — though all three moved in the same direction.

Regionally, the order held: Dubai first, Abu Dhabi second, Casablanca third (up 11 places, to 38th), and Riyadh fourth. Doha was the region’s outlier, slipping four spots to 52nd. Overall, the Middle East and Africa region saw its rankings improve 0.82%, just outpacing the global average of 0.8%.

Behind Riyadh’s rise: Saudi opened up its main market to foreign investors at the start of February — a move analysts expect to boost long-term liquidity and the kingdom’s appeal. More than 750 companies have also joined its Regional Headquarters Program, blowing past its 500-company target years ahead of the 2030 deadline. Deutsche Bank registered in July, followed by BNP Paribas in August, joining JPMorgan, Goldman Sachs, and Morgan Stanley among banks that have already secured the license.

Dubai’s slip owes more to others’ gains than to any weakness at home. Saxo Bank’s head of trading for the Middle East and North Africa Hamza Dweik backs this up, telling Arab News that “the region is becoming more complementary than competitive.” A key part of Dubai’s draw — a well-connected, international financial gateway — hasn’t gone anywhere, Dweik says.

Dubai still ranks first globally for fintech and second for professional services, and DIFC closed 1H 2026 with 10k active firms, up 30% y-o-y. Century Financial’s Vijay Valecha told Arab News that hedge funds and family offices moving into Dubai are making “multi-year decisions, not one-off sentiment” — and that “the underlying flows that lifted the score are likely to keep compounding.”

REMEMBER- That tracks with what we’ve followed here all year. Abu Dhabi’s ADGM has pulled in the likes of Man Group, Capital Group, Rokos Capital Management, Bain Capital, and Hillhouse Investment since the conflict began, while Citadel confirmed a move to Dubai’s DIFC around the same time.

GO DEEPER- The index draws a useful distinction between the two: it classifies Dubai as a “Global Leader” — broad, deep, and well-connected — while Riyadh is a “Global Specialist,” still building out breadth. Abdalla Elsayed of City St George’s, University of London, told the regional news outlet the real test isn’t the office openings so far but whether firms start making investment decisions from Riyadh rather than just registering there.

Future prospects look strong too: Dubai ranked first among centers likely to grow in significance over the next two to three years, with Abu Dhabi fourth and Riyadh sixth.

MARKETS THIS MORNING-

Asian markets opened higher earlier today, with South Korea’s Kospi up about 1% while MSCI’s Asia Pacific equities gauge gained 0.2%. Japanese markets are closed for a public holiday. The gains coincided with advancements by US equity index futures as traders anticipate this week’s US-China summit for signs of trade progress.

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 11.8 bn (0.8% above the 90-day average). Regional investors were the sole net sellers. The index is up 32.4% YTD.

In the green: Qalaa Holdings (+4.2%), AMOC (+2.1%), and Abu Qir Fertilizers (+1.6%).

In the red: Alexandria Containers and goods (-4.8%), Palm Hills Developments (-3.3%), and E-finance (-3.1%).