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The UAE is competing on a global scale, beating major European economies

It is without a doubt that the UAE is a rich country, and a new report shows that an emirate, specifically Dubai, ranks 3rd in economic performance, worldwide.

The Dubai Competitiveness 2018 report compared the emirate with 63 economies around the world based on 346 different competitiveness indicators.

Dubai has the edge over countries such as Canada and Japan, while also beating almost every European country except Luxemburg.

Not only this but the emirate is also the first in the Middle East, the UAE state news agency WAM reported Saturday.

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Best performing categories  

Dubai ranked first in several categories, including gross domestic savings (percentage of GDP) and employment growth, second in the export of goods, low employment rate, and youth unemployment.

The emirate also ranked third in employment, exchange rates, export concentration by a partner, and export of goods per capita, as well as fourth regarding GDP per capita and tourism receipts.

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In the Arab world, Dubai also leads on a few indicators including direct investment flows inward, ‘government consumption expenditure – real growth,’ export concentration by partner and tourism receipts.

Economic diversification contributed to 72.2% of the total economic growth achieved last year. Dubai ranked eighth in the world for diversification of the economy, ahead of developed economies like Switzerland, Japan, France and the United Kingdom.

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Healthy FDI

The report also ranked Dubai first among Arab countries, and ninth globally in direct investment flows inward (6.42% of GDP) with a stock of $73.8 billion, ahead of the US, Australia, Canada, Germany, France, and China.

Dubai also ranked second in the MENA region and twelfth globally in foreign direct investment abroad (4.51% of GDP) and a total stock of $28.8 billion.

Commenting on the report, Dubai Crown Prince Sheikh Hamdan Bin Mohamed hailed Dubai’s “unique experience of ambitious people and a pioneering government,” and highlighted the private sector as the key to achieving the desired future.