UAE climbs to seventh on global competitiveness ranking

The UAE has climbed three places to rank seventh in a global competitiveness ranking by Swiss business school International Institute for Management Development (IMD).

The emirates took the position ahead of Norway, Sweden and Canada after coming first globally for indicators including government decisions, public-private partnerships, employment, international trade and international talent.

It was also second globally for business efficiency and third globally for diversification of economy and city management.

“No single entity alone can enhance competitiveness performance,” said Federal Competitiveness and Statistics Authority director of competitiveness strategy deferment Malik Radwan Al Madani.

“It is the result of a collaborative effort between all the relevant local and federal government entities, through the commitment in the constant improvement of performance, the launch of impactful programs and initiatives that aim to extend services to businesses and individuals, thus, moving the nation’s competitiveness scale and contributing to the countries journey to become one of the best countries in the world by the year 2021.”

The overall study is based on four key sectors and 20 sub-factors measured across 340 indicators covering competitiveness in social, administrative and business areas.

In the wider ranking of 63 countries, the United States overtook Hong Kong to come first, Singapore claimed third, the Netherlands fourth and Switzerland moved back to fifth.

Of the other Gulf states included, Qatar climbed from 17th to 14th and Saudi Arabia dropped from 36th to 39th.

IMD said both the UAE and Qatar benefitted from the strengthening of their international trade.