The UAE has outperformed various advanced economies such as Sweden, Norway and Canada when its comes to competitiveness and has jumped 21 ranks between the years 2011 and 2018, according to a latest report. According to the latest edition of the World Competitiveness Yearbook 2018, published by the Swiss-based Insatiate of Management Development (IMD), the UAE is ranked first regionally and seventh globally in global competitiveness.
The UAE came first globally in various indicators such as ‘Government Decisions’, ‘Public-Private Partnerships’, ‘Employment’ and ‘International Talent’. It has come second globally in ‘Business Efficiency’ factor, and third globally in ‘Diversification of Economy’, ‘City Management’ indicators, fourth in ‘Energy infrastructure’ and ‘Development and Application of Technology’ indicators.
World-class regional experience
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai stated that the UAE’s experience is a regional one that led to a top global rank. “An experience of determination and success that is open for all the Arab nations. We will continue in enhancing our business environment, our infrastructure and our resources, because we want a better life for our people and all the residents in the UAE.”
He added that UAE’s competitiveness journey is an accelerating one, and it only makes us more determined to reach the highest ranks, stressing that we will continue in the competitiveness race and we will not settling for anything less than being number one globally. Al Maktoum concluded by saying, “We have the determination, we have the talent, and we have the resources. ‘Being Number One’ suits our nation.”
The IMD World Competitiveness Yearbook 2018 is comprised of four key factors, 20 sub factors and 340 indicators that cover all the major areas of a nation’s competitiveness in social, administrative, business economic topics that also include government efficiency, education and innovation. In the economic factor, the UAE moved from fifth globally in 2017, to third globally in 2018. It also retained its fourth global rank in the government efficiency factor.
On an indicator level, UAE held a number of advanced positions in various indicators such as international trade (first globally), employment (third globally), and international investment (tenth globally). UAE also achieved high ranks in a number of indictors such as first globally in employment as a percentage of population, third globally in diversification of economy, fifth globally in export growth and sixth globally in youth unemployment (lack of).
While commenting on this year’s performance, Her Excellency Reem bin Ibrahim Al Hashimy, Minister of State of International Corporation and Chairwoman of the Federal Competitiveness and Statistics Authority, said: “Under the guidance and direction of the UAE wise leadership, which is built on the continued and sustainable investment in human development and national talent, adoption of innovation and the non-stop development and improvement for the UAE economy; UAE has proven the effectiveness of its comprehensive developmental strategy that its government entities is implementing.”
“We wish to congratulate the UAE leadership and people for this great achievement and comment the collaborative efforts of all the local and federal government entities that worked hand in hand, in support of UAE international competitiveness and the progress it made this year,” added Al Hashimy.
The UAE also achieved number one in quality of air transportation and public-private partnerships. The UAE also came second globally in cyber security, third globally in management of cities, maintenance and development and fourth globally in energy infrastructure and application and development of technology.