Countdown: Top 5 global investment centres
Is a GCC city on property portal Lamudi's list of the top five cities for financial investments around the world?
"Every market faces obstacles, dependent on financial stability, infrastructure development, taxation, and economic strength," property portal Lamudi said in a statement released on Thursday, 03 September, 2015.
"Western cities, such as New York and London, dominate as international financial centers. However, emerging hotspots in the developing world are catching the attention of investors."
Construction Week presents the top five global markets for investors.
#5 Chittagong, Bangladesh
Chittagong, a major commercial, industrial and financial hub in the south of Bangladesh, is developing into an international financial center. The Chittagong Stock Exchange has more than 700 listed companies, while the city itself is home to a number of Bangladesh’s largest corporations. Its strategic location in close proximity to Myanmar and India, makes Chittagong an interesting consideration for international financial service providers. Furthermore, a proposal to build road connectivity from Chittagong to Kunming, Southwest China, via Cox’s Bazar and Myanmar, will create an economic corridor to strengthen infrastructure in the region.
#4 Mexico City, Mexico
In 2014, Mexico City, Mexico’s most important financial center, had 62 greenfield investment projects underway, valued at $2,243m. Like with many other fast-growing cities, rapid urbanisation has occurred in the city, as Mexico’s focus has shifted from agriculture to industry. The capital city now boasts an international stock exchange, and attracts a growing number of foreign property investors, who benefit from Mexico’s proximity to the United States.
#3 Makati, Philippines
As the Philippines’ most important central business district, Makati is becoming an increasingly important financial hotspot. It is home to headquarters of the country’s largest banks, and the main trading floor of the Philippine Stock Exchange. Furthermore, the city boasts the highest concentration of local and multinational companies, and major banks in the Makati Central Business District (CBD).
#2 Doha, Qatar
Doha is steadily growing its reputation as a financial hub. As oil prices fluctuate around the world, Qatari leaders are focusing on diversifying local economies in a move away from dependence on the oil and gas sector. "As a result, the financial sector is moving into the spotlight, to attract international investment into the Middle East", Lamudi's report said of the 2022 FIFA World Cup host. As emerging market hotspots undergo infrastructural and technological developments, they are becoming increasingly attractive to international financial corporations, looking for new opportunities.
#1 Dubai, UAE
Dubai is an emerging financial hub in the Middle East. Home to international powerhouses such as Goldman Sachs and JPMorgan Chase, the city is an increasingly influential player in global finance. UAE's leaders are consistently working to diversify the country's economy. Dubai is putting itself on the map due to its enticing tax laws, stable banking system, and favorable business environment.
Paul Philipp Hermann, co-founder and managing director of Lamudi, said: “The emerging markets are home to a number of growing hotspots for financial centers. Whilst there are challenges that must be taken into account, including immature markets and political challenges, when strategising a move into an emerging market, vast opportunities are being created - as long as strongly researched decisions are made and realistic strategies are in place.”