UAE and World Competitiveness

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UAE in Global Competitiveness Reports

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

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 â€“ a continuation of these strategies will place the UAE in an extremely strong position as the next decade begins.

Global Competitiveness

The impacts of the positive transformation of the UAE's global competitiveness position are not only restricted to economic scenarios, but 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.

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 topfive 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.

Index of Economic Freedom

The UAE was ranked first globally in the annual independent classification on the Index of Economic Freedom 2016 issued by "The Independent Australian" in relation with the performance of global economies.

In rating global economies, the Australian classification relied on collecting points according to several criteria, most importantly the diversity of economic activities, employment rate, per capita income, wealth rates and GDP, in addition to inflation rates, tax rates and economic freedom. The UAE took the lead in this classification from Singapore, which ended in second place this year, while Norway and Switzerland were in third and fourth places respectively.

The UAE was ranked fifth globally and first in the MENA region in the Index of Economic Freedom 2015, issued by the Canadian Institute "Fraser". The country scored 8.15 out of 10 points in the index, while Hong Kong took the lead of global classification of Economic Freedom with a score of 8.97 points.

The UAE improved its ranking by 3 points in the Index of Economic Freedom 2015 issued by The Heritage Foundation, to move up from 28th position globally with a rating of 4.71 points, to take 25th place with a rating of 4.72 points this year. With this achievement, the UAE has surpassed developed countries such as Norway (27), Austria (30) and France (73), and was ranked second in the MENA region after Bahrain.

In the other sub-indicators, the UAE scored the following points:

55.0 points in the classification of property rights.
70 points in the index of anti-corruption.
76.1 points in the index of government spending.
95.0 points in the index of tax freedom.
79.6 points in the index of business freedom.
80.7 points in the index of labour freedom.
81.3 points in the index of monetary freedom.
82.8 points in the index of trade freedom.
45.0 points in the index of investment freedom.
60.0 points in the index of financial freedom.

The report pointed out that the UAE enjoys high competitiveness rates in many aspects of Economic Freedom. Barriers to trade are quite low, and regulations and laws support open-market policies.

Global Prosperity Index

For the eighth consecutive year, the UAE took the lead among Arab countries in the Global Prosperity Index issued by the British institute "Legatum" in November 2015.
The report pointed out that the UAE is ranked first regionally in security, public and community safety and the Human Freedom Index that measures how individuals practice their religion freely in the state. The UAE was also ranked second for regional level opportunities and entrepreneurship, which assesses the country's interest in entrepreneurs and commercial and social initiatives, as well as governance and health.

Happiness Index

Regarding happiness, the UAE was ranked first among Arab countries, and 14 globally according to the UN report on people's happiness and satisfaction index 2013, moving up from 17th place in 2012.

The UAE's economy has witnessed a quantitative and qualitative prosperity, making it among the top ranks in terms of some of the economic indicators, such as per capita income and per capita energy consumption.

The UAE's GDP has doubled more than 236 times since the establishment of the Federation 43 years ago, increasing from AED 6.5 billion in 1971 to AED 1.47 trillion in 2014.

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