Global Competitiveness Reports Speak Highly of Financial and Economic Development in the UAE

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, offers his congratulations to the UAE’s wise leadership on the accomplishments witnessed relating to the Global Competitiveness Index.

His Highness Sheikh Hamdan expressed his gratitude and appreciation to the ministries and chairmen of the boards of directors within Federal authorities for the fruitful efforts and cooperation that has led to the following achievements:

First place ranking regionally in 2018 for ease of doing business.
First place in Public Finance Policies Index in 2015.
First place in government efficiency and good management of public finances, according to the World Competitiveness Yearbook 2014.
First place in “Public Trust in The Government” for the third consecutive year, according to Edelman Trust Barometer 2016.
First place in country capacity to attract and retain talent in the MENA region according to INSEAD Index 2015 / 2016.
A high rank among the top 10 countries worldwide in global competitiveness.**

** The UAE has the potential to compete with the developed global economies and join the top 10 list by 2021. The country follows the world standards for government financial fields in terms of good management of public finances, trust in the strength of the economy, and stimulating innovation in the economic sector – a continuation of these strategies will place the UAE in an extremely strong position as the next decade begins.

Through His Highness Sheikh Hamdan’s follow-up, as well as the policies adopted by MoF to support excellence and innovation, a large number of achievements were accomplished at local and international levels, and in the field of global competitiveness. The results of reports and indicators, issued by the United Nations, World Bank, the World Economic Forum, International Institute for Management Development (IMD), INSEAD Institute, as well as other specialised international institutions, have shown the UAE achieving leading rankings in more than 40 indicators and standards. The country was among the top 10 in more than 120 indicators and standards in 2014 and 2015.

Strong economic development has put the UAE side by side with established economies in terms of global competitiveness

UAE economic growth in top gear

The impacts of the positive transformation of the UAE’s global competitiveness position apply to more than economic scenarios. They also reflect on the country’s stature and position in a variety of sectors. The UAE is able to compete with economies that have been leaders in the competitiveness race for decades, and has secured high-ranking positions among the top 10 countries.

The UAE has joined the list of the best 15 economies in the world, and was ranked amongst the best 20 countries according to the Global Competitiveness Report 2014/15, issued by the World Economic Forum. In nine out of 12 global reports of competitiveness issued by international institutions, the UAE was ranked 12 in 2014/15, having been ranked 19 a year previously. The UAE accomplished the following achievements in 2014/15:

First rank globally in the quality of its roads, the absence of organised crime and having one of the lowest levels of inflation.
Second rank globally regarding the FDI
Second rank globally in lack of crime impact on the business sector
Third rank globally in regard to public trust in politicians and leaders
Third rank globally in regard to government procurement of advanced technology products
Third rank globally in regard to infrastructure of air transport
Fourth rank globally in regard to market efficiency
First rank globally in regard to the quality of roads and the index of quality of air transport infrastructure 2015

Ease of Doing Business Index 2018

In the 2018 Ease of Doing Business Report, compiled and published by the World Bank Group for the 15th year in a row, The United Arab Emirates achieved an overall rank of 21 out of the 190 countries listed; up from a position of 31st in the rankings from 2014/2015.

Some of the areas in which the UAE made particularly impressive progress were in the capacity to deal with construction permits (2nd ranking), and getting electricity connectivity to new offices (1st ranking); while also achieving recognition for its improvements in getting credit with the introduction of a new credit rating system, and resolving insolvency as a new law was introduced to facilitate the continuation of the debtor’s business during insolvency proceedings.

Ease of Doing Business Index

The UAE took the lead in the Ease of Doing Business Index, securing high ranks globally according to the World Bank report 2014/15 to be among the top 10 countries that made improvements in the area of Ease of Doing Business.The World Bank Report that measures the performance of 189 countries in the field of doing business has shown that the UAE has maintained, for the third consecutive year, the first rank among Arab countries, and advanced one position in the overall ranking to 31st globally.

The UAE was ranked amongst the top five countries in the world in three key areas:

First rank globally in non-payment of corporate taxes
Second rank globally in dealing with construction permits
Fourth rank globally in ease of access to electricity
The UAE was ranked the first regionally in the fields of dealing with construction permits, access to electricity, protecting small investors, property registration, non-payment of corporate taxes and contract enforcement. It was also among the top 10 countries globally in the number of improvements approved by the World Bank during one year relating to the aforementioned areas.

The article was originally posted here.