Dubai and Riyadh have emerged among the top 20 ‘most dynamic cities’, according to a new report by JLL.
JLL’s City Momentum Index 2020 analyses the socio-economic and commercial property metrics of 130 markets to identify the world’s most dynamic cities.
Dubai, ranking 14th on the list, continues to be a key regional business hub, with more than half of its population aged between 20-40.
The momentum in the emirate is expected to grow further in the lead-up to the Expo 2020 event later this year.
Dubai has also stood out in its sustainability initatives as it seeks to pursue a low-carbon future.
The emirate is committed to reducing water and energy consumption by 30 per cent by 2030, and deploying 75 per cent clean energy by 2050.
The Dubai Electricity and Water Authority’s ‘Green Dubai’ initiative is also promoting further use of sustainable energy.
Riyadh, coming in on the 18th slot, entered the top 20 clique for the first time.
The Saudi capital is gaining impetus from the ‘Vision 2030’ programme of economic reforms to diversify the economy away from oil. Key initiatives in the infrastructure, entertainment and tourism space will continue to fuel the economy and real estate market.
The index also identifies key growth drivers, such as talent attraction, the expansion of innovation hubs and better urban planning undertaken by cities to cater to changes fueled by rapid momentum.
Going forward, both cities have aspiring development plans; Dubai’s infrastructure drive is partly fuelled by the Expo 2020 show. Meanwhile, Riyadh’s metro network, expected to be operational by 2020-2021, will likely fuel the city’s mobility.
Overall, the top ten most dynamic cities were found to be Hyderabad, Bengaluru, Ho Chi Minh City, Nairobi, Chennai, Delhi, Hanoi, Manila, Silicon Valley, and Shenzhen.
“It is great to see the MEA region represented in the top 20 ranking of the Momentum Index, driven by government initiatives,” said Thierry Delvaux, CEO, JLL MEA.
“These cities are leading the way by successfully addressing infrastructure needs to further enhance mobility, while creating thriving, inclusive, safe and affordable communities.”