Dubai has been ranked among the top 20 most ‘dynamic’ cities in the world, according to the latest City Momentum Index (CMI) report launched by consultancy JLL.
The annual index ranks cities on the speed of their changing economy and commercial real estate market. Covering 134 cities globally, it looks at population, connectivity, technology and R&D, education, environment, real estate investment, property prices and economic output, among other areas.
Dubai, which ranks 11, reappeared on the list after failing to appear in the top 20 last year. It was ranked third on the index in 2014 and 13th in 2015.
“Middle Eastern and African cities have struggled to maintain momentum, with many hit by the slump in energy and commodity prices,” the report said.
Nairobi (in the 10th spot), emerged as the top performer in Africa by a significant margin.
Overall, the index was topped by the Indian city of Bangalore, followed by Ho Chi Minh City (Vietnam), Silicon Valley (US), Shanghai (China) and Hyderabad (India).
“The world’s most robust, agile and open cities are generating considerable momentum and energy, and are taking the lead in shaping our future landscape,” said Craig Plumb, head of Research at JLL MENA.
“However, the world has become a riskier place since our last report. These disruptions are happening just as our cities are undergoing major structural change as the effects of globalisation, technological breakthroughs and rapid urbanisation combine to challenge the very fabric of our urban spaces.”
The report found that technology remains a major driver of momentum in the world’s 30 fastest-changing cities.
More than half of the top 30 most dynamic cities and real estate markets are from the Asia Pacific region, including six from India. However, Tokyo and Seoul, which were in the top 20 last year, are now ranked in the mid-30s while Singapore and Hong Kong failed to make it among the top 30.
“With more than half the world’s population currently living in cities, a proportion that is expected to grow substantially over the next few decades, the success of our cities takes on great importance,” added Jeremy Kelly, JLL director of Global Research.