Could Middle East financial centers pose threat to leader London?

It seems that inspite the fact that London is retaining its top spot as the leading global financial center in 2011, European frontrunners are being challenged by fast developing nations in the Middle East.
Of the four Middle Eastern centers in the GFCI, Dubai has maintained a lead since the index first began in 2007. Qatar is only 8 points behind Dubai having been 135 points behind in the second GFCI in 2007.
The latest GFCI shows that Bahrain and Riyadh are still way behind two Middle Eastern leaders Dubai and Qatar.

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