The United Arab Emirate is Among the Most Competitive Countries

According to expert analysts, the UAE will carry on being amongst the leading competitive economies in the following years. This is mainly attributed to their progressive infrastructure and foreign investment policies.

The World Economic Forum’s (WEF) Global Competitiveness Report for 2014-2015 ranked the UAE in the 12^th position. In comparison to the previous year, the UAE was ranked in the 19^th position, thus has jumped seven positions in a year. The report ranks 114 economies in a whole, based on their competitiveness. The report also revealed the UAE was positioned first amongst other Middle East and North African countries. Surprisingly, the UAE was even ranked higher than Denmark and Canada.

The UAE’s Minister of Economy, Sultan Al Mansouri, stated that the UAE is in fact thriving in terms of its economy, politics and development.

At the same time, the UAE’s Minister of Energy, Suhail Bin Mohammed announced that the UAE’s 12^th position in the competitiveness report prides the people of the UAE and reveals the country’s status within the world. The UAE has succeeded in becoming one of the most developed countries of the world, in terms of investment, human resources and other fields as well.

The Senior Economist of the Middle East and North Africa at the Standard Chartered Bank, Shady Shaher, also expressed his view saying that the UAE’s progressive and improved infrastructure and its commitment to beneficial business policies will continue to strengthen the country’s economic strength and force. He added that due to the UAE’s position their policymakers would continue making the required decisions and taking the needed steps so as to lead the UAE to higher rankings.

The Founder and President of Nasser Saidi and Associates, Nassar Saidi believes the UAE’s macroeconomic stability will carry on in the following years. He stated that the 2009-10 crisis has come to an end and that the UAE has confronted the risk and debt situations incredibly well. Moreover, he stated that he did not expect any obstacles or challenges to arise concerning the UAE’s macroeconomic stability. He presumes that the country’s infrastructure and logistics will constantly improve and that the UAE will possibly hold a low inflation rate. In accordance to Saidi, in order to increase in competitiveness the UAE should invest in its infrastructure and human power needed to open up new fields, like robotics and aerospace.

The recent WEF report revealed that the UAE was ranked first as having the lowest inflation rate and lack of organized crime globally. The UAE was also ranked in third position for its infrastructure, effective products market and their trust and dedication towards their politicians. Further, the UAE was awarded fifth place for its macroeconomic environment and its government’s effectiveness and sixth for its education level and training. Furthermore, the UAE came seventh for its institutions and organizations, eighth for its effective labor market, 14^th for its superiority concerning business, 17^th for the development of their economic market, 24^th for its innovative skills and willingness concerning technology and finally 38^th for its health system and primary education system.

Overall, the WEF basis its analysis on three sub-indexes linked to a country’s economic improvement. The report showed that the UAE came second within the first sub-index which is referred to as the Basic Requirements Index. This index takes in to account institutions, a country’s infrastructure, its macroeconomic strategies, health and primary education. 

In addition, the UAE came 14^th in the second sub-index which examines a nation’s higher education and training, efficiency in the goods market, labor market effectiveness, financial market improvement, technological readiness and of course the size of its market. Finally the UAE was ranked 21^st in the third sub-index, which analyses a country’s business sophistication and innovation.