Dubai tops New York on business list

Dubai ranks above New York as an office destination for international companies, a new report suggests.

Fifty-six per cent of 280 "major international companies" tracked by CB Richard Ellis have an office presence in Dubai, compared to 55 per cent in New York, according to CBRE's Business Footprint report, which seeks to quantify "the global office presence of companies across a range of different sectors."

Dubai ranks ninth on the list, which was led by Hong Kong with representation of 68 per cent of the companies, followed by Singapore, Tokyo, London and Shanghai.

This is one of those consultancy-generated reports that sounds profound and generates eye-grabbing headlines--such as "Dubai tops New York on business list"--but doesn't really mean anything. However it does suggest Dubai is gaining traction in its efforts to attract international firms.

"The continuing trend to off-shore parts of a business could distribute corporate activities more widely and reduce the degree of sector concentration for some cities," Nick Maclean, managing director of CB Richard Ellis in the Middle East said in a statement.

Dubai performed particularly high in the "industrial goods and service sector," ranking seventh globally.

"Dubai has a relatively balanced tenant mix," Mr Maclean said. "Over the past 10 years the city has been designed and constructed with the specific intention of attracting major international firms from a broad range of sectors."