UAE Ranked among the Most Developed Countries Internationally

The Most Recent World Economic Forum Report

According to the World Economic Forum’s World Competitiveness Report 2014-2015, issued during September, the United Arab Emirate (UAE) moved up seven places in the economic competitiveness ranking in comparison to the previous year. The most recent report shows that the 

UAE has been ranked in 12^th position, above countries like Canada, South Korea, Denmark and other leading economic markets, outranking them in several indicators.

In accordance to the report which examined an overall of 144 countries, the UAE’s has improved drastically in 78 out of the 114 indicators in only one year.

Ranked in Second Position-Attracting Investment

In line with the 2014 United Nations Conference on Trade and Development (UNCTAD) report, the UAE scored second position internationally in terms of attracting and receiving investments from foreign sources. The report outlined that for four consecutive years the UAE has marked continuous flows of investments. During 2013, the UAE overall received $10.5 billion dollars of foreign investments. This inflow in investments coincides with the UAE’s efforts to overcome its economic troubles since 2009. The UAE has been trying to overcome the crisis that hit it by developing both its oil and non-oil industries by expanding and maintaining development in the non-oil industry particularly in manufacturing of aluminium and petrochemicals but also the tourism and aviation industries.

The UNCTAD report positioned the UAE in first and 13^th position in the Middle East and international scope respectively, as the most attractive destination concerning investors during 2013-2015. The World Forum for Foreign Direct Investment 2013 report outlined that the UAE received a total of Dh36.7 billion direct foreign investments by the end of 2012 whereas it marked a total of to Dh28.14 billion in 2013 recording a percentage growth of 31.5% in total. According to the latter report, the UAE came 2^nd amongst the Arab world concerning attracting foreign direct investments as well as ranking 3^rd in West Asia where its total foreign investments amounted to $47bn.

According to the UNCTAD foreign investment report for 2013 the UAE collected approximately Dh202.1bn of foreign direct investments whereas UAE investments abroad amounted to about Dh146bn during 2007-2012 respectively.

What’s more the Kuwait-based Arab Investment and Export Credit Guarantee Corporation (DHAMAN), also established that the UAE was positioned 1^st throughout the Arab countries, regarding its attractiveness for foreign direct investments during the previous year.

UNCTAD statistics revealed that 92 in total foreign and Arab countries had received a flow of investments amounting to US$ 300 billion in total during the decade of 2002-2012 each year. Amongst the countries receiving the most inflow of investments were the USA, the UAE, the UK, Saudi Arabia, Japan, the Netherlands, Germany, Kuwait, France and China.

The UAE came 1^st amongst the Arab countries during the 2002-April 2014 with total investments reaching $217b.

The UAE has been ranked amongst the top countries in terms of attracting foreign direct investments mirroring the beneficial policies it has enforced and adopted since it was established many years ago. In regards to the International Institute for Management Development 2013 report, statistics rank the UAE 4^th and 1^st internationally and in the Middle East respectively, in the openness to the world index and positively benefiting from international globalisation. The specific report ranked Ireland in first place whereas the UAE came before many developed countries. In accordance to the World Index, Ireland was positioned first, acquiring 8.15 points, which was followed by Hong Kong, the UAE and Malaysia each obtaining 8.08, 7.82, 7.8 points respectively.

The UAE established a leading ranking on its economy

During 2014, international indicators and reports have revealed that the UAE has been ranked amongst leading countries in terms of its competitive economic capabilities.

In comparison to the previous year’s World Bank report regarding ease of doing business, the UAE moved three positions upwards, to 22^nd position internationally, while maintaining first position throughout the Arab world.

Likewise, in the Financial Stability report, issued by International Monetary fund in October 2014, outlined that the UAE would sustain a surplus concerning its state budget for the following 6 years (2014-2019). The estimated rates fluctuated between 6.9% to 10.5% regarding GDP. Similarly, IMF’s report regarding exports, ranked the UAE as one of the top 20 exporters in the world. the IMF report also claimed that the UAE’s exports, both services and goods, would amount to Dh1.47 trillion by the end of 2014 and that by 2015 the country’s exports would rise to Dh1.59 trillion. It was also predicted that by 2018 the UAE’s exports would soar to approximately Dh2trillion.

Furthermore, the Index of economic Freedom 2014, conducted by the credited Fraser institution, placed the UAE amongst the top ten countries. The index ranked the UAE first throughout the MENA region and in 6^th position internationally.

In accordance to the Global Enabling Report, the UAE came first throughout the MENA and was ranked 16^th on the international level, rising three positions when contrasted with the 2012 ranking. The Global Enabling Trade Report uses four features consisting of nine pillars, when categorising and ranking countries. These indicators include a county’s border management, accessibility to their market, infrastructure and communications. Out of the 135 countries which were examined, the UAE ranked 13^th internationally under the business environment category.

According to the International Institute for Management Development’s report in Switzerland, the UAE came ranked first and sixth among the Arab world and on the international scope respectively concerning the Economic Elasticity Index.

According to IIMD’s World Competitiveness Centre Lausanne-based report, the Global Competitiveness 2014, the UAE was placed first throughout the Arab and Middle Eastern nations for the secong consecutive year. The UAE also came fourth internationally concerning the image it projects as a business-friendly environment. The report especially highlighted the UAE’s economic flexibility, the opportunities it offers in the business sector and its overall development.