The UAE ranked as the ninth most competitive nation in the world, maintaining its position as the only Arab country among the top 10 despite the headwinds posed by Covid-19, a new report showed.
The Gulf country ranked ahead of the US, Germany and the UK to emerge among the top 10 most competitive countries, according to Swiss business school IMD's World Competitiveness Yearbook released on Tuesday.
“The UAE is moving forward with an ambitious strategy that anticipates the future, nurture a culture of excellence to be in the lead of world competitiveness at various levels,” said Abdullah Lootah, director-general of the Federal Competitiveness and Statistics Authority.
“Thanks to the vision and guidance of the UAE’s leadership, the country managed since 2017 to join the top 10 competitive countries in this report, and to consolidate its well-deserved position among the top ten globally in the overall ranking and regional leadership."
The IMD ranking relies on data collected from statistics and information provided by the countries, classifies countries based on their economic performance, government efficiency, business efficiency and infrastructure. It also bases the ranking on 20 other sub factors on 338 competitive indicators.
The Arab world’s second largest economy ranked fourth in terms of economic performance despite headwinds posed by the Covid-19 outbreak.
The UAE also clinched the first place in 23 indicators, including an absence of stifling bureaucracy, better immigration laws, low central government foreign debt and the percentage of women in parliament.
"Since the launch of the UAE Gender Balance Council in 2015, we have taken all the necessary steps to enhance the UAE's position in global competitiveness reports and to establish our nation as a regional and global model for gender balance legislation,” said Sheikha Manal bint Mohammed, president of the UAE Gender Balance Council and of Dubai Women Establishment.
Singapore topped IMD’s competitiveness ranking, followed by Denmark, Switzerland and Netherlands.