Dubai has been named the "Middle Eastern City of the Future" by a financial publication for its favourable investment environment.

Dubai, one of the seven emirates in the United Arab Emirates (UAE), was chosen from among 20 cities in 15 countries in the region, Xinhua reported Wednesday, quoting WAM news agency.

fDi magazine published by the Financial Times, which gave it the title, said Dubai's selection was an acknowledgement of the city as an emerging world business centre.

fDi said its panel of selectors had used 20 demanding criteria to gauge which city offered the best deal to investors in the Middle East.

Boosted in the 1960s with the discovery of oil, Dubai has rapidly grown into a trade centre, tourist destination and travel hub.

Dubai's annual gross domestic product is approaching $20 billion, with annual foreign direct investment inflows of more than $2 billion.

Indo-Asian News Service