GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

JLL's City Momentum Index combines socio-economic and commercial property metrics of 130 markets to identify the world's most dynamic urban centers

 

January 25, 2020 –   Cities in the Middle East and Africa (MEA) are gaining momentum, with Dubai, Riyadh and Nairobi all ranked within the top 20, according to JLL's City Momentum Index 2020 which identifies the world's most dynamic cities from a real estate perspective. 

Now in its seventh year, the annual Index combines socio-economic and commercial property metrics to provide new insights into 130 major established and emerging business hubs across the globe.

With Dubai (14th) ranking in the top 20 for the first time in three years, the Emirate continues to be the major business hub in the Middle East, with more than half of the population aged 20-40 (the second highest proportion globally). Government initiatives such as the relaxation of visa regulations have also been designed to balance out the construction boom in commercial and residential properties while momentum is expected to be fuelled further in the lead-up to Expo 2020 Dubai. 

The Saudi Arabian capital, Riyadh (18th) enters the top 20 for the first time and is benefitting from Saudi Arabia's ‘Vision 2030' programme of economic reforms, with its objective of diversifying the economy away from oil. Initiatives to improve the quality of life through better infrastructure and entertainment in combination with introducing regulations to expand tourism will continue to have a positive impact on the economy and real estate market. 

Both Dubai and Riyadh have ambitious infrastructure plans. Dubai's infrastructure impetus is in part being driven by Expo 2020, while the scheduled opening of the Riyadh metro network in 2020-2021 is expected to transform the city's mobility.

Nairobi (4th) has made the top 20 for each of the past six years, reflecting its position as one of Africa's most dynamic city economies. Momentum is supported by favourable demographics, infrastructure investment, technology, tourism and retail.

Thierry Delvaux, CEO of JLL MEA, says: “It is great to see the MEA region represented in the top 20 ranking of the Momentum Index, driven by government initiatives. These cities are leading the way by successfully addressing infrastructure needs to further enhance mobility, while creating thriving, inclusive, safe and affordable communities. Moving forward, we will see real estate play a more important role in smart-city futures, driving greater energy efficiency, and promoting sustainable, scalable and smart developments.”

The results also show a continued shift in global influence from west to east, with Indian, Chinese and Vietnamese cities dominating the top positions. India – with seven cities in the top 20, the most of any country – leads the 2020 Index, despite last year's slowdown of the nation's economy. This strength is driven by locations in the country's southern states, as Hyderabad (1st) and Bengaluru (2nd) retain their status as the top two cities for short-term momentum. 

Jeremy Kelly, Director of Cities Research at JLL, says: “The remarkable dynamism in the emerging Asian economies is proof that economic reforms, business growth and infrastructure investment can drive the expansion of industry, significantly in the tech sector, and facilitate a start-up culture. This is now being repeated the world over, as geographical diversity looks to be returning to the Index.” 


China's role in driving global momentum continues to be significant; one-fifth of the global top 20 cities are in China. Shanghai stands alone as the only city to feature in the top 20 throughout the past seven years. 

The Index identifies a number of key growth drivers, including talent attraction, the expansion of innovation hubs and better urban planning, that cities can employ to meet the challenges faced by rapid momentum. 

How talent and innovation are driving momentum 
Momentum in Chinese cities Chongqing (11th), Wuhan (13th), Hangzhou (15th) and Shanghai (17th) is driven by a young talented population attracted to dynamic, innovative urban centers. Although just 40 years old, Shenzhen (10th) has become a magnet for several of China's leading tech giants that are headquartered in the city, creating a vibrant tech start-up scene and a hub for innovation. Young talent from across China have taken note; two-thirds of Shenzhen's residents are aged 20-40 – the highest proportion of any large city in the world. 

Innovation is also having an impact on cities in the United States with Silicon Valley (9th) and Austin (19th) among the world's most dynamic cities – the only representatives in the top 20 from developed economies. Their reputations as established technology and innovation hubs are attracting young talent, making both cities attractive real estate investment destinations.

Meeting the challenges of climate change and rapid development through innovation 
Several cities in the top 20 stand out as they transform their urban environments in pursuit of a low-carbon future but Dubai takes the lead in sustainability initiatives. Dubai (14th) has committed to ambitious sustainability goals of reducing water and energy consumption by 30% by 2030 and using 75% clean energy by 2050. The Dubai Electricity and Water Authority's ‘Green Dubai' initiative is also promoting more sustainable energy use.

The importance of transitioning to a “future fit” city 
With several cities, including Ho Chi Minh City (3rd), Manila (8th), Shanghai (17th) and Mumbai (20th), at risk from rising sea levels and intensifying weather patterns caused by climate change, the real estate industry has an important role to play in helping fast-growth cities transition to a more sustainable model of urban development. Not only are emerging cities more susceptible to the effects of climate change, they are also facing the most intense pressure to change. 

The Index shows the steps that cities can take to overcome some of the issues associated with rapid growth. Continued investment in infrastructure can unlock new locations, reduce congestion and improve air quality. Chinese and Middle Eastern cities continue to benefit from investment in metro lines, high speed rail and increased airport capacity. The growth of “micro-mobility” is another positive step, illustrated by Hyderabad's introduction of smart bikes and electric cars. Smart city solutions, such as bike rentals, improves quality of life, helps increase inclusion and aids in the transition to a low carbon environment.

“One common ingredient when looking at cities that succeed at rapid-growth is the importance placed on governance and leadership – something often overlooked. The complex nature of city transformation relating to the innovation economy, climate mitigation and a changing geopolitical world means a city's governance system is increasingly critical to a city being ‘future-fit' for the coming decades,” concludes Kelly. 



Posted by : GoDubai Editorial Team
Viewed 11390 times
Posted on : Saturday, January 25, 2020  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Top Adventurous Things to Do This Year in Dubai
Next Story : Tips for Tourists Visiting Dubai During Ramadan
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Lockdown Showdown: Jaguar I-pace Etrophy Series to Get Back on Track in Berlin i...
Three Eggs get Yemeni National a Guinness World Records Title
Omega's Antimagnetic Tourbillon Is a Watchmaking Breakthrough
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track
The new BMW M5 and BMW M5 Competition
Toric Tourbillon Slate
GROHE Smart Control Review
Twitter tests Tweeting with Voice
Saxo Bank Launches Loyalty Program for MENA Region Clients
Hyundai Motor and Sony Pictures Entertainment Announce Unique and Pioneering Mul...
American Aesthetic Medical Center Has Something in Store for the Esthetical Figu...
WTTC Launches Safe Travels Protocols for Attractions, Car Hire and Short-Term Rental
NUDESTIX Launches - Nudies Blush, Bronze, and Glow Shade Extension
Volvo Cars Chengdu Car Plant Powered by 100 Per Cent Renewable Electricity
Range Rover Marks 50 Years of All-terrain Innovation and Luxury With Exclusive N...
Under-12 and Over-60 Can Now Take Part in Sports Activities: Dubai Sports Council
Dabur Ensures Safety with Hand Sanitizers and Personal Protection Kits as UAE Es...
Let's Brigthen Up! The Face Shop's Ultimate Summer Skincare Range From Belif is Here!
Handy Helper for Content Creators: The Compact A6100 Mirrorless Camera from Sony...
Pre-orders for Samsung's Galaxy S20+ 5G and Galaxy Buds+ BTS Edition now open in...
Experts Highlight need for Young Talent to Develop Skills for a Post-Covid-19 World
Dabur Launches Pure Organic Coconut Oil: Natural Protection for Hair, Skin, and ...
GEMS Wellington Academy – Al Khail Improves Rating to 'Very Good' in KHDA DSIB 2...
Etihad Airways to Recommence Flights to Athens
Dubai Sees Pronounced Uptick in Demand for Retail Units
Book Building of Amlak International's IPO of 30% of Shares
Sanctuary for the Senses: All-New Lincoln Corsair Arrives with Whisper-Quiet, Co...
Essence Spring/Summer 2020 Collection
Registration Opens for Training On the Camel Trek and Camel Marathon for Expats
Covid-19 Leads UAE Businesses to Adopt Upgraded Green Building Solutions
Dubai Sports Council Discuss Upcoming Sports Events With Federations and Organisers
Dubai Sports Council to Celebrate Dubai's COVID-19 Heroes Through Commemorative ...
Turkish Airlines Was the Busiest Operator in the Eurocontrol Area After Restarti...
Celebrate Father's Day With Parmigiani Fleurier Tondagraph Slate'
INFINITI of Arabian Automobiles presents Dubai Islamic Bank customers Super Sale...
Crude Oil Headwinds on Virus and Technicals
Customers can Benefit from Increasing Gold Rate by just Paying 10% Advance at Ma...
Canadian University Dubai Receives Prestigious Certification in Education for Pu...
Report Reveals the Six Fintech Innovations That Will Boost the ‘Financial Health...
Serco Middle East Appoints New Managing Director for Dubai Metro and Dubai Tram
Big Bang Integral King Gold
Pan Emirates Unveils Exclusive New Collection
Digital Vision Technology Signals On-Track Success for Panasonic Jaguar Racing
Schneider Electric Extends Strategic Partnerships with AVEVA, Lenovo and Stratus...
Celebrate World Music Day with HONOR Magic Earbuds
The 11th Edition of the Arab Fashion Week to Launch Virtually Today, from June 2...
New Bentayga to Launch Beyond100
Cairo Amman Bank Adopts the Latest Technology to Enhance Performance and Securit...
Celebrate Summer Safely with the New, Shopping Normal at BurJuman
Registration open for Dubai Watersports Summer Week