Last year, Swiss based Insatiate of Management Development (IMD) ranked the UAE, 10th in the world in global competitiveness.
It was the first time any Arab country did that.
In 2018, the UAE broke that record again by placing 7th worldwide, according to IMD’s latest edition of the World Competitiveness Yearbook 2018, as reported by UAE national news agency WAM.
The UAE has jumped 21 ranks between 2011 and 2018.
Quite an achievement and underlying the efforts the country is making on every economic and business infrastructural front.
Regional and international rankings
WAM said the UAE came first regionally and seventh globally in global competitiveness outperforming advanced economies such as Sweden, Norway and Canada
“The UAE came first globally in various indicators such as Government Decisions, Public-Private Partnerships, Employment and International Talent,” reported WAM.
“The UAE also came second globally in Business Efficiency, and third globally in Diversification of Economy, City Management indicators, forth in Energy infrastructure and Development and Application of Technology indicators.”
On an indicator level, UAE held a number of advanced positions in various indicators such as 1st globally in International Trade and Employment as a percentage of population, 2nd globally in Cyber Security and in Entrepreneurship, 3rd globally in general Employment and Diversification of Economy, 5th globally in Export Growth and 6th globally in lack of Youth Unemployment, 10th globally in International Investment.
“As for the Business Efficiency, UAE kept its 2nd rank globally and achieved the first rank globally in 7 of its indicators such as Overall productivity , Industrial Disputes, Labor force percentage of total population, International Experience and Attitudes Towards Globalization,” reported WAM.
The UAE has been relaxing regulations aimed at boosting non-oil growth and contribution to the GDP to 80% by 2021 from 70% today.
Government finance statistics show FDI increased 6.7% to $10.3 billion in 2017.
Just this week, the UAE announced plans to grant up to 10-year visas to certain professionals compared with the current maximum of 3.
It also plans to relax investment regulations that will allow 100% foreign ownership of a business outside freezones from the current limit of 49%, among other measures.
Sultan Al Mansoori, UAE Minister of Economy, said that the new measures would provide “a distinct advantage” to the country’s global competitiveness, its ability to attract investment and “consolidating its position as a preferred destination for exceptional talent”.
“Global investments and competencies in the medical, engineering and science sectors will create several opportunities for building productive partnerships and the transfer of knowledge, technology and best practices, for sustainable economic and social development,” he said.
Chamber of Commerce pitches in
WAM alos reported that recent discussions were held are strategic decisions, initiatives and efforts aimed at attracting foreign investment to the UAE and enhancing the competitiveness of Dubai’s private sector.
This came during board meeting, chaired by Majid Saif Al Ghurair, Dubai Chamber Chairman, focusing on major initiatives which were recently announced by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, including the Dubai economic stimulus plans and the decisions to allow 100% investors’ ownership by year and entry visas for investors and professional talents providing them with a long-term visa for up to 10 years.
The Chamber of Commerce added that Dubai’s status as a global business and investment hub together with Dubai Plan 2021 and the UAE Centennial 2071 will pave the way for sustainable growth and a more diversified economy.