Companies in the Middle East now have even more reason to invest in Melbourne, Australia, after it was named by Fortune magazine as one of the 15 'best new cities for business' in an article that seeks to find the world's 'next business hot spots'. Melbourne was praised for its strength in R&D in sectors such as Biotech as well as its availability of affordable industrial land and world-class port. Particular mention was given to the city's diverse labour pool, noting that a third of Melburnians were born overseas. The announcement comes shortly after a new tax scheme was implemented that will benefit research and development firms carrying out R&D activities through a permanent establishment in Melbourne or the State of Victoria. The list was inspired by Fortune's acknowledgment of the Global 500 becoming increasingly global, with the US's dominance at 185 companies in 2001 waning to just 133 in 2011. According to the article, "Simply put: If you're doing business with the biggest companies in the world, you're not just spending time in New York, London, and Hong Kong". Australia is home to eight Global 500 companies and half of those are headquartered in Melbourne: BHP Billiton, National Australia Bank (NAB), Australia & New Zealand Banking (ANZ), and Telstra. On top of this, there more than 100 other Global 500 companies with a presence in Victoria, spanning sectors and countries from Toyota to Nestle and from GlaxoSmithKline to Mercer. The Victorian Government fosters a mutually beneficial relationship with the Middle East and North Africa (MENA) business community, with several prominent MENA companies currently operating in Victoria covering a range of sectors. Airline services from the region, including Qatar Airways, Etihad and Emirates Airline all have a presence in Victoria. Companies focused on food and beverage and Information and Communication Technology (ICT) also continue to strengthen ties to Victoria. John Butler, Victorian Commissioner to Middle East and North Africa, welcomed the article, saying: "This is a wonderful acknowledgement of Melbourne as one of the world's most exciting and innovative places to do business. Melbourne combines a skilled and innovative workforce, world-class infrastructure, and dynamic business environment with one of the highest standards of life in the world making it an immensely attractive location for globalizing companies." The list was compiled by analyzing economic data, consulting with business leaders on where they planned to open new offices and factories, and in consultation with Booz & Company to identify emerging innovation hubs.
