Riyadh Climbs 15 Places in Global Financial Centres Index as Gulf Gains Ground

Riyadh has climbed 15 places in the latest Global Financial Centres Index, recording one of the strongest advances among financial centres worldwide, while Dubai remained in the global top 10 as Gulf cities strengthened their position in international finance.

Riyadh ranked 46th globally, with its rating rising 25 points to 713 from 688. It placed fourth in the Middle East and Africa, behind Dubai, Abu Dhabi and Casablanca.

Dubai ranked ninth globally with a rating of 750, up eight points from the previous edition, although it dropped two places in the overall ranking.

The index, published twice a year by Z/Yen Partners in collaboration with the China Development Institute, evaluates financial centres across business environment, human capital, infrastructure, financial sector development and reputation.

The latest edition showed that average ratings increased 0.8%, with 58 centres improving their scores, nine remaining unchanged and 49 recording declines.

Hamza Dweik, head of trading for the Middle East and North Africa at Saxo Bank, said Riyadh’s progress should not be viewed as coming at the expense of other Gulf financial centres.

“The region is becoming more complementary than competitive,” Dweik told Arab News. He said Dubai remained an internationally connected financial gateway, while Riyadh was developing around the scale of the Saudi economy and investment opportunities under Vision 2030.

Riyadh’s rise comes as Saudi Arabia expands its financial system and opens its capital markets to international investors. From February 1, all categories of foreign investors were allowed to invest directly in the Main Market, ending the previous Qualified Foreign Investor framework.

Saudi Arabia’s Regional Headquarters Program has also attracted more than 750 companies, exceeding its target of 500 companies by 2030, according to the Ministry of Investment. BNP Paribas was among the latest international financial institutions to receive registration for a regional headquarters in the Kingdom.

Riyadh also improved its position in fintech, rising from 44th to 27th in the index. Electronic payments accounted for 85% of retail payments in Saudi Arabia in 2025, up from 79% in 2024, while electronic transactions increased to 14.6 billion from 12.6 billion, according to the Saudi Central Bank.

Dubai retained strong positions across several categories, ranking sixth for reputation, ninth for infrastructure and 10th for human capital. It ranked 11th for both business environment and financial sector development.

The emirate ranked first globally for fintech and second for professional services. The Dubai International Financial Centre had 10,018 active registered companies at the end of the first half of 2026, up 30% year-on-year.

The index also identified different roles for the two Gulf centres, classifying Dubai as a “Global Leader” and Riyadh as a “Global Specialist”.

Dubai received 156 mentions in the survey of centres expected to become more significant over the next two to three years, the highest figure globally. Riyadh received 55 mentions, ranking sixth.

The GFCI combines 144 quantitative factors with 39,531 assessments from 6,147 respondents and measures the competitiveness of financial centres rather than their market size or capital flows.