UAE ranked as third most competitive economy in the region

The UAE has been ranked as the third most competitive economy in the region, following Qatar and Saudi Arabia, reveals the latest study by the Dubai Chamber of Commerce and Industry (DCCI).

On the global front, UAE is ranked 27 out of 142 countries, with Switzerland taking the first place, United States the fifth position, Qatar – 14th, Saudi Arabia – 17th. UAE is higher than its other regional peers with Oman at 32nd position, Kuwait at 34th, Bahrain at 37th and Egypt at 94th, as per the Global Competitiveness Report at the World Economic Forum (WEF).

The UAE held the first place globally, in terms of efficiency of governmental fiscal policy, issued by International Institute of Management Development in Switzerland.

Further, the Global Enabling Trade Report 2012, released by WEF, ranked UAE as first regionally and 11th globally, for availability and quality of transport infrastructure. In fact, UAE outperforms the US, Finland and Belgium, in this regard.

According to DCCI, the legal and regulatory framework of UAE is more than adequate, based on 2011 World Governance Indicatory by the World Bank. The UAE has scored reasonably well, in comparison to several other countries in the region for its rule of law.

The Dubai Chamber study said that the UAE government’s effectiveness is high, and the freedom to conduct business is well-protected by the current regulatory environment. UAE’s tax regime is a major attraction for foreign investors, and strengthens the flow of foreign direct investment into the country, as income and sales taxes are non-existent here.

Posted on 26/7/2012

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