The UAE has gained the number one spot in the World Economic Forum ranking for efficiency of government spending, beating Singapore and the United States, which came in at second and third place, respectively.
The UAE came on top of 136 countries ranked by WEF in its Global Competitiveness Index for 2017-2018.
Saudi Arabia, the world’s biggest oil exporter, came in seventh after Germany, according to the report.
The kingdom and the UAE, the two biggest Arab economies, tightened their purse strings in the past three years following the 2014 oil slump, which slashed government income and prompted spending cuts aimed at narrowing widening fiscal deficits.
In the UAE, the fiscal deficit was less than 5 per cent of GDP in 2016, according to the IMF, as fiscal consolidation efforts were kept up.
The Emirates introduced excise tax last year and 5 per cent VAT this year to help shore up government revenue. It was the first regional country to liberalise energy prices in 2015 to help narrow the fiscal shortfall.
Saudi Arabia has also managed to curtail its deficit, which reached a record 367bn Saudi riyals (Dh359.41bn) in 2015.
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Read more:
Saudi Arabia making good progress on economic reforms, IMF says
Saudi Arabia upscales 2016 syndicated loan to $16bn
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This year’s deficit is forecast to fall to 195bn riyals, or 7.3 per cent of GDP, compared with a shortfall of 230bn riyals, or 8.9 per cent of GDP, in 2017.
The kingdom raised energy and water prices and also introduced excise tax last year and VAT this year to help boost revenue.
Saudi Arabia is implementing an economic overhaul plan and various reforms under the 2020 National Transformation Programme and its over-arching Vision 2030 agenda to help wean the country off oil income and create new revenue streams.
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Age 26
Born May 17, 1991
Height 1.80 metres
Birthplace Sydney, Australia
Residence Eastbourne, England
Plays Right-handed
WTA titles 3
Prize money US$5,761,870 (Dh21,162,343.75)
Wins / losses 312 / 181
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia