American firm JLL ranks Abu Dhabi, Dubai as ‘Hybrid’ cities
Report says both cities capitalise on ease of doing business, quality of life, and the ability to embrace and adapt to change
American real estate services firm JLL has ranked Abu Dhabi and Dubai as Hybrid Cities, characterising them as ‘Emerging’, and ‘New World’ cities.
In its report, titled 'Demand and Disruption in Global Cities', prepared alongside The Business of Cities, JLL said that both Abu Dhabi and Dubai have established themselves as centres of finance, business services, and retail.
Both the cities have been active in the domestic market and boast a strong exposure in global market, following their capabilities in science, technology and business that supports innovation and entrepreneurship.
Speaking about the business environment within the two cities, research director at JLL Mena, Dana Salbak said: “Abu Dhabi and Dubai have both capitalized on the ease of doing business within the cities and the governments continue to launch numerous initiatives to stimulate demand and create an attractive investor environment.”
According to the report, cities that adapt and change will maintain their global competitiveness, fostering new living and working patterns, which will result in an increase in demand for real estate from cross-border investment and occupiers.
Meanwhile, managing director at The Business of Cities, Tim Moonen, said: “Global cities are being judged on a wider set of competitive criteria, including their ability to attract and accommodate new forms of value creation.”
Moonen added: “The dividends to asset holders in cities that can successfully adjust to these new trends are becoming increasingly apparent.”