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GCC cities dominate top ranks in financial attractiveness index

Manama ranked first in the world

Manama – August 19 2020: Every single GCC member was represented in the top 20 most financially attractive cities in the world, according to AIRINC’s latest Global 150 Cities Index. The index ranks 150 of the top global locations according to financial attractiveness and lifestyle attractiveness. It combines local salary levels, tax rates, living costs, and living conditions to assess how appealing each location is to live in.

Bahrain’s capital Manama was named the most financially attractive city in the world, followed by Riyadh in 4th place, Kuwait City in 6th, Abu Dhabi in 7th, Dubai in 12th, and Muscat in 16th. The data is collected by AIRINC’s own in-house survey team, who continuously research the costs and living conditions of many cities around the world to evaluate international mobility.

GCC economies have invested considerable sums in making themselves more attractive to international businesses in line with ambitious region-wide economic diversification efforts. As the first GCC member to begin diversification, the Kingdom of Bahrain offers one of the easiest and most cost-effective environments to set up and operate a business in the world. Businesses operating in the Kingdom enjoy 0% tax and 100% foreign ownership allowed.

Thanks to its comprehensive programme of reforms, increasingly digital Bahrain was recently named the fourth most improved economy in the world by the World Bank’s latest Ease of Doing Business report. As well as ranking first in the world for financial attractiveness in the AIRINC index, Manama also jumped 15 places for overall attractiveness, to 48th.

–ENDS–

About AIRINC’s methodology

The financial components are aggregated to calculate the net purchasing power of a typical salary in each city, and then converted to a common currency to allow comparison between locations. The Lifestyle metrics are weighted and grouped by category to result in a score out of 100 that allows objective assessment of the living conditions between cities. Both metrics are combined to reflect the importance of each, resulting in an overall score that allows easy city-to-city comparisons and rankings.

For more information, please contact:

Communications and Media Department

Economic Development Board

Phone: +973-17-589966

E-mail: internationalmedia@bahrainedb.com

About Bahrain Economic Development Board

The Bahrain Economic Development Board (EDB) is an investment promotion agency with overall responsibility for attracting investment into the Kingdom and supporting initiatives that enhance the investment climate.

The EDB works with the government and both current and prospective investors, in order to ensure that Bahrain’s investment climate is attractive, to communicate the key strengths, and to identify where opportunities exist for further economic growth through investment.

The EDB focuses on several economic sectors that capitalise on Bahrain’s competitive advantages and provide significant investment opportunities. These sectors include financial services, manufacturing, ICT, tourism, logistics and transport.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.

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