Kuwait fell 8 ranks in the 31st edition of the Global Financial Centers Index ‘GFCI 2022’, issued by the consulting company ‘Z/Yen Group’, from 108th globally as in the previous edition to 116th out of 119 positions financially.
A local Arabic daily said Kuwait scored 517 points in the last edition of the index, compared to 523 points in the 30th edition, while Dubai and Abu Dhabi ranked first and second in the Middle East and Africa region respectively in the region.
At the level of Arab financial centers in the index, Kuwait ranked last, after Dubai (16 globally), Abu Dhabi Dubai and Abu Dhabi ranked first and second in the Middle East and Africa, as both of them witnessed a slight improvement in their ranking, as happened in the “GFCI 30” version, while the rating of most financial centers in the region declined.
Kuwait scored 517 points in the last edition of the index, compared to 523 points in the 30th edition, while Dubai and Abu Dhabi ranked first and second in the Middle East and Africa region.
Globally, New York came first, followed by London, then Hong Kong, followed by Shanghai, Los Angeles, then Singapore, San Francisco, Beijing, Tokyo, and then Shenzhen.
As for the classification methodology, the 31st edition of the Global Financial Centers Index was based on 150 performance factors, as these quantitative measures were provided by third parties such as the World Bank, The Economist, the Organization for Economic Cooperation and Development (OECD), and the United Nations. Fundamental factors were combined with 74,982 ratings of financial centers submitted by 11,934 respondents to the online Global Financial Centers Index survey, with data on which GFCI 31 is based relates to the period through the end of 2021.
The report accompanying the index, which was based on data until the end of 2021, stated that out of 126 financial centers, only 119 were approved, and among the top 40 centers, only one center rose by more than 10 ranks, and none of them fell by more than 10 positions.
Overall, the average rating was stable (less than 1 point compared to GFCI 30), after 3 consecutive declines in the average rating.
In general, Asia/Pacific centers regained the losses incurred in the 30th edition of the index, indicating a restoration of confidence in the region’s economic strength and trade performance, while the performance of North America and Western Europe centers was generally stable.
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