The United Arab Emirates (UAE) has cemented its position as a leading economic force, climbing three spots to claim the number seven position in the prestigious 2024 World Competitiveness Report. This impressive leap signifies the Arab world’s second-largest economy’s continued progress in diversification and establishing a robust business environment.
The report, published annually by the International Institute for Management Development (IMD), assesses a nation’s competitiveness across four key pillars:economic performance, government efficiency, business efficiency, and infrastructure. The UAE’s strong showing reflects its achievements in each of these areas.
The nation’s economic performance was a particular highlight, ranking second globally. This achievement is attributed to factors like a dynamic and adaptable market, coupled with the UAE’s success in attracting foreign investment. Additionally, the report recognized the country’s exceptional performance in employment, with the UAE taking the top spot for its robust job market.
Government efficiency also emerged as a key strength for the UAE. The report commended the country’s adaptability in policymaking, ranking it second globally in this category. Additionally, the UAE secured the number two position for its streamlined bureaucracy and minimal red tape, making it easier for businesses to operate.
The UAE’s business environment continues to be a significant draw for international companies. The report acknowledged the country’s competitive tax regime and its top-three global ranking for collected capital and property taxes. Furthermore, the UAE’s immigration laws were recognized as being particularly favorable, ranking third worldwide.
The nation’s commitment to infrastructure development also played a crucial role in its rise in the rankings. The report highlighted the UAE’s top-ranked internet user base globally, signifying its well-developed technological infrastructure. Additionally, the country’s impressive management of urban centers secured it a third-place ranking globally.
The UAE’s impressive performance in the 2024 World Competitiveness Report signifies its unwavering commitment to economic diversification and fostering a competitive business environment. As the nation continues to invest in its infrastructure, attract foreign investment, and streamline its regulations, it is well-positioned to maintain its position as a leading economic force in the years to come.
