Mohammad hails UAE’s competitive indicators
COUNTRY JUMPS TO SEVENTH POSITION FROM 10TH LAST YEAR IN IMD REPORT
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday praised the UAE’s ranking first regionally and seventh globally in global competitiveness.
“This is yet another success for the UAE, occupying the seventh position in the world in the global competitiveness according to World Competitiveness Yearbook 2018, published by the Swiss-based Insatiate of Management Development (IMD), outpacing leading countries such as Norway, Sweden and Canada. Within seven years only, we jumped from 28th place to seventh globally” Shaikh Mohammad tweeted.
“In the World Competitiveness Yearbook 2018, the UAE is the world’s first in various indicators including government decision and the availability of expertise and talents in addition to the first place in 23 different competitive indices. It is also the second globally in the efficiency of business and third globally in the economic diversification and efficiency of urban management” Shaikh Mohammad tweeted.
He said 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...”
The UAE jumped in the competitiveness rankings in the 2018 review, after having made “tremendous progress” in the last few years. The country was the most competitive economy in the Middle East North Africa region, according to the IMD World Competitiveness Centre.
The centre, which is a part of IMD business school, published its annual ranking of 63 countries depending on their competitiveness using 258 indicators with a combination of hard data such as national employment and trade statistics and soft data such as business perception on issues such as corruption, environmental concerns and quality of life.
The UAE jumped to seventh most competitive economy from 10th last year, following countries like the United States, Hong Kong, Singapore, the Netherlands and Switzerland, and Denmark. The UAE was followed by Norway and Sweden.
“The UAE’s performance has been driven by top ranking indicators in areas such as international trade, international investments and attitudes and values to mention a few. The UAE model of competitiveness is exemplary for other economies in the midst of improving their own competitiveness strategies: the Emirates’ public sector facilitates free enterprise; it provides the infrastructure and regulation that the country needs,” José Caballero, senior economist at the IMD World Competitiveness Centre told Gulf News.
When asked about the impact of the policy changes made earlier in the week on the 10-year visa for professionals and 100 per cent foreign ownership, Caballero said: “It is not possible to predict/assess the impact of the recent change in policies.
“These measures will probably increase the attraction of the UAE for foreign investors and overseas highly skilled talent, but its real impact will be captured in the next few years. We note, however, that countries which are open in terms of trade, international investment and dedicated to the attraction of foreign highly-skilled, show an outstanding competitiveness performance,” he added.