UAE 15TH ON WORLD COMPETITIVENESS INDEX RANKING
- June 1, 2016
- Posted by: RKonnect
- Category: Business & Economy
Dubai – The IMD World Competitiveness Centre ranked UAE 15th on World Competitiveness Index. The rating that included 61 countries declared UAE to be one of the most competitive economies globally. The top three positions were taken by Hong Kong, Switzerland and USA followed by Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada which were in top 10.
UAE successful due to favorable Business Environment
Favorable business environment, business friendly regulations and zero income tax for businesses and individuals has enabled UAE to be in top 15 countries. More precisely, UAE and Dubai are still considered among the most lucrative destinations for future investments due to strong economic growth projected in next 5 – 7 years, government efficiency and infrastructure development.
UAE Ranking among top global countries for economic competitiveness
The UAE has performed extremely well on other indexes such as the Global Readiness Index (GRI) and the Change Readiness Index (CRI) – ranked (5th) – Due to the UAE’s ability to deal with financial crises, socio-economic changes or political shocks. UAE is placed ahead of Singapore, Switzerland, Hong Kong, Norway, USA, UK and Japan on GRI and CRI indexes. Similarly, UAE is ranked (3rd) for Economic Openness in the world while (4th) for Business Environment, Infrastructure and Technological Advancement.
- UAE ranked 3rd for Economic Openness Globally
- UAE ranked 4th for Business Environment, Infrastructure & Technological Advancement
- UAE ranked 5th on Global Readiness Indexes
- UAE ranked 5th on Change Readiness Indexes
- UAE ranked 15th on IMD World Competitiveness Ranking
Dubai – The “City of Opportunity”
Dubai was named as the Global ‘City of Opportunity’ by PwC as it was ranked (5th) for global affordability, cost of living and purchasing power due whereas (1st) for airport connections to business districts. The Economist Intelligence Unit ranked Dubai the (3rd) most improved cities to live over the past five years, due to improvements in quality of life and advancement opportunities. Dubai’s evolving education system and improving infrastructure has placed it (5th) in terms the highest performing metropolitan economy and the fastest growing city in the world by the Brookings Institution.
Dubai Ranking among top global countries for economic competitiveness
- 3rd most improved cities to live over the past five years – Economic Intelligence Unit
- 4th most visited tourist destination globally – Research Konnection
- 5th on global affordability, cost of living and purchasing power – PWC
- 5th highest performing metropolitan – Brookings Institution
- 5th fastest growing city globally – Brookings Institution
UAE – Economic Projections
With UAE government investing heavily in the diversification strategy (Abu Dhabi 2030 Economic Vision Plan and Dubai 2021 Plan), reliance on oil revenues will significantly reduce in coming years, whereas non-oil sectors’ contribution towards the UAE economy and GDP will increase significantly.
Impact of EXPO 2o2o on UAE & Dubai Economy
- Tourism – EXPO 2020 is expected to attract more than 25 million visitors from October 2020 to April 2021 in Dubai
- Investments – EXPO 2020 is likely to attract foreign investments between $100 to $150 billion in Dubai and UAE across various sectors of the economy such as real estate, hospitality & tourism, retail and education.
- Economic Growth– EXPO 2020 will ensure continuity of business activities in Dubai as the GDP will grow at 4 per cent (CAGR) between 2016 to 2020.
Investment Opportunities in UAE
Notwithstanding the recent slashing of oil prices, the overall economic outlook of UAE looks robust, with various sectors such as real estate, hospitality & tourism, retail and education performing offering great avenues of investment for local as well as international investors.