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Global Competitiveness Report
How does the United Arab Emirates stack up in this ranking of the most competitive countries on earth? And how about the rest of the Gulf?
September 9, 2010 3:43 by Sam Potter
Another day, another ranking – this one of the global kind. The World Economic Forum, the Swiss-based non-profit organization, has just released its Global Competitiveness Report for 2010. The organization aims to bring together the world’s political, business, and thought leaders to help devise regional and industrial strategies for the global good, and its flagship competitiveness index is part of that process.
The report ranks 139 countries in terms of economic competitiveness, and there will be celebrations in the UAE as it has made it into the top 25. Admittedly only at number 25, but that means it has still beaten 114 countries.
Gulf News points out that despite not cracking the top 20, the UAE ranked within the top 10 in more than 18 indicators. “The UAE continues its efforts to achieve sustainable development through the setting up of appropriate legislative frameworks and the provision of developed infrastructure that will further enhance the country’s status as a regional and global destination for investments,” said Abdullah Lootah, Secretary-General of the Emirates Competitiveness Council.
The ranking takes into account 12 pillars of competitive: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, innovation, and business sophistication.
It’s the second year the UAE has been included in the most advanced stage of the competitive assessment, says the paper, which assesses innovation-driven economies. They are classified on the basis of their adoption of factors that promote innovation in economic development and the group includes countries such as Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, United Kingdom and Singapore. The UAE is the only Arab country in this section.
Overall the UAE ranked third for quality of infrastructure and in government provision of high technology products. We grabbed fourth in “stability, security and association with a positive business environment” and “quality of infrastructure for air transport.”
And we grabbed sixth in “goods market efficiency,” “quality of road infrastructure,” foreign direct investment” and “technology transfer.”
“The UAE’s ability to secure an advanced ranking, regionally and globally, with respect to the quality of infrastructure, the government’s provision of high-technology products and other variables is a result of the UAE government’s commitment to the development of infrastructure and building new economic sectors based on innovation,” Lootah said.
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