The Global Financial Centres Index 22 1 The Global Financial Centres Index 22 SEPTEMBER 2017 2 The Global Financial Centres Index 22 We are pleased to present the twenty second edition of the Global Financial Centres Index (GFCI 22). In March 2007, Z/Yen released the first edition of the GFCI, which continues to provide evaluations of competitiveness and rankings for the major financial centres around the world. The China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London continue their collaboration in producing the GFCI. In July 2016, we established a strategic partnership for research into financial centres. The GFCI is updated every March and September and continues to receive considerable attention from the global financial community. The index serves as a valuable reference for policy and investment decisions. The CDI is a leading national think-tank that develops solutions to public policy challenges through broad-scope and in-depth research to help advance Chinas reform and opening-up to world markets. The CDI has been working on the promotion and development of Chinas financial system since its establishment 28 years ago. Based on rigorous research and objective analysis, CDI is committed to providing innovative and pragmatic reports for governments at dif-ferent levels in China and corporations at home and abroad. The author of this report, Mark Yeandle, would like to thank Bikash Kharel, Shevangee Gupta, Michael Mainelli, Carol Feng, Peng Yu, and the rest of the GFCI team for their contributions with research, modelling, and ideas. The Global Financial Centres Index 22 1 Since its inception, the Global Financial Centres Index (GFCI) has fortified itself as the principal instrument for measuring the attractiveness of financial centres. Well-established centres like New York, London, Singapore, Hong Kong, Tokyo have maintained their lead. However, several emerging cities have also been gaining traction and made tremendous strides as new economies and financial centres. The GFCI provides a strategic understanding into the growth and competitiveness of financial centres over time. We are excited that Abu Dhabi is ranked among the top 25 cities this year. This is an endorsement of Abu Dhabis initiatives and efforts to enhance its strengths as a financial centre. It also spurs us to continue raising the bar. Abu Dhabi, the capital of the United Arab Emirates (UAE), has achieved a substantial increase in its economic and political influence, both on a regional and a global level. With a well-structured and comprehensive diversification economic vision and strategy apace, the Abu Dhabi Government has continuously introduced new initiatives, and progressed steadily towards its goals in developing a sustainable, knowledge-based economy. The total stock of foreign investment (FI) and foreign direct investments (FDI) in Abu Dhabi has expanded steadily over recent years despite the volatile global economic circumstances. FDI in the emirate scaled more than 50% from $16.6bn in 2012 to $25.9bn in 2016. The UAE, as a whole, has also performed well in terms of the Ease of Doing Business World Banks rankings. The astute oversight of the Abu Dhabi Government is reflected in the successful merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), renamed as First Abu Dhabi Bank, creating one of the regions largest banks with total assets in excess of $180 billion. The new entity embodies the UAEs vision for growth and prosperity as it is established to create new and greater opportunities for the nation. By facilitating the merger of Mubadala and IPIC, the countrys largest State Owned Enterprises, the government further signalled its commitment to its economic diversification strategy to reduce dependence on oil revenues. One of the strongest commitments and signals by the Abu Dhabi Government to anchor its leading status is the establishment of the Abu Dhabi Global Market (ADGM). Strategically located on Abu Dhabis first financial free zone, ADGM is an innovative and internationally benchmarked International Financial Centre that exercises its own financial services regulation, an independent companies registrar, as well as an independent legal system based on English common law. ADGM is central to achieving the Governments vision and it comes at an auspicious time for the UAE. ADGM has rapidly transformed the financial landscape in the region by enabling local, regional, and international stakeholders to anchor financial activities in Abu Dhabi. Providing an efficient and inclusive framework based on English Common Law, ADGM enables local and global financial institutions and investors to thrive with certainty and familiarity of their operating environment. To remain at the fo