UAE Soars to 7th Place in 2024 Global Competitiveness Report

UAE Soars to 7th Place in 2024 Global Competitiveness Report

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, praised the UAE's leadership and efforts, noting the nation's rise to seventh place in the 2024 World Competitiveness Report by the International Institute for Management Development, excelling in over 90 global competitiveness indicators.

His Highness said,

"Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates."

In the 2024 World Competitiveness report, the UAE advanced to 7th place, surpassing Norway, Iceland, Japan, Canada, and Finland. It ranked 2nd in Economic Performance, 4th in Government Efficiency, and 10th in Business Efficiency.

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, stated,

"The UAE's continuous presence at the forefront of this significant report reflects its status as one of the world's most competitive economies. The exceptional vision and wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, have made the UAE a pioneering developmental model adaptable to ongoing global changes. This demonstrates the efficiency of the UAE government system, the flexibility of its business environment, and the readiness of its infrastructure."

Commenting on the results, Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, praised the integration and governance of real-time data and statistics exchange between federal and local entities. Ahli said,

"This achievement is due to dedicated teams committed to implementing the vision and directives of the government of the future, reinforcing the UAE's leadership. These results reflect the solid principles of the competitiveness culture in the UAE.”

Top Rankings in Key Indicators

The World Competitiveness Report ranks countries using four main pillars and 20 sub-pillars. This year, the UAE improved in all pillars, ranking top 10 globally in over 90 indicators. It secured 1st place in 11 indicators and 2nd place in nine, including industrial disputes, labor force, and tourism receipts.

The UAE ranked 3rd globally in 6 indicators including collected capital and property taxes, immigration laws, management of cities and percentage of government budget surplus.

The UAE also achieved 4th place in 12 indicators including consumer price inflation, long-term unemployment, international experience, overall productivity (ppp), labour regulation, and the balance of commercial services and employment in the public sector.

The UAE also achieved 5th place in 13 indicators including GDP (PPP) per capita, quality of air transportation, energy infrastructure, graduates in sciences, start-up procedures, unemployment legislation, foreign highly-skilled personnel, national culture, unemployment rate and tax evasion.

First published in 1989, the IMD World Competitiveness report is a comprehensive annual report and a global benchmark on the competitiveness of countries.

It offers insights into trends, benchmarking, and a wealth of statistics and survey data derived from extensive research. The report analyses and ranks countries based on their ability to manage competencies for sustainable long-term value creation.

News Source: Emirates News Agency

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