UAE ranks 7th in World Competitiveness Report

The UAE has ascended to seventh place in a global competitiveness ranking, securing the top position for employment, household expenditure growth, and absence of industrial disputes. The nation is also among the top three globally for property taxes, tourism revenue, immigration laws, and labor force growth.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attributed the UAE’s success to the leadership of President Sheikh Mohamed bin Zayed Al Nahyan and the dedicated efforts of the country’s people. He noted the UAE’s continuous improvement in global competitiveness indicators.

In the 2024 World Competitiveness Report by the International Institute for Management Development (IMD) in Switzerland, the UAE advanced three places to secure the seventh position globally, ahead of Norway, Iceland, Japan, Canada, and Finland.

The UAE excelled in various pillars, ranking second globally in Economic Performance, fourth in Government Efficiency, and tenth in Business Efficiency. Sheikh Mohammed bin Rashid expressed gratitude to all teams in government, economic, and development sectors for their unified efforts towards the country’s progress.

Minister of Cabinet Affairs, Mohammad bin Abdullah Al Gergawi, emphasised the UAE’s position as one of the world’s most competitive economies, crediting the visionary leadership of President Sheikh Mohamed bin Zayed Al Nahyan and the strategic guidance of Sheikh Mohammed bin Rashid Al Maktoum for the UAE’s adaptability and pioneering development model.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, highlighted the efficient integration and governance of real-time data exchange between federal and local entities. Ahli noted these achievements reflect the UAE’s commitment to implementing forward-looking government directives and strengthening its leadership in competitiveness.

The World Competitiveness Report, first published in 1989, assesses countries based on four main pillars and 20 sub-pillars, covering 336 competitive indicators across economic, administrative, and social fields. This year’s report saw the UAE advancing in all four main pillars.

The UAE ranks among the top 10 globally in over 90 key and sub-indicators. It leads globally in 11 indicators, including industrial disputes, labour force percentage, employment percentage, and household consumption expenditure growth. It is second in nine indicators such as tourism receipts, females in parliament, and labour force growth. The UAE holds third place in six indicators including collected capital and property taxes, immigration laws, and management of cities.

Additionally, the UAE ranks fourth in 12 indicators, including consumer price inflation and long-term unemployment, and fifth in 13 indicators, such as GDP per capital, quality of air transportation, and start-up procedures.

The top 10 most competitive countries in the world for 2024 are:

  1. Singapore
  2. Switzerland
  3. Denmark
  4. Ireland
  5. Hong Kong
  6. Sweden
  7. UAE
  8. Taiwan
  9. Netherlands
  10. Norway

The IMD World Competitiveness Report remains a vital annual benchmark, analysing and ranking countries on their ability to manage competencies for sustainable long-term value creation.

Original article reference: Arabian Business.

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