The new long-term visa regime, zero income tax, very low corporate income tax, and signing of the CEPA with a number of countries has contributed to its ranking globally.
The UAE has been ranked the top country among all the Arab countries in terms of offering the most economic opportunities for investors and residents.
The World Citizenship Report 2023 has rated the UAE 20th globally and first in the Middle East and Arab region in ‘Economic Opportunity Rankings’ in the list of 128 countries, positioning it higher than Iceland, Malaysia, China, Qatar, Italy, Saudi Arabia, South Korea, and Turkey among others.
Globally, Singapore, the US, Hong Kong, the Netherlands, and Japan are the top five countries that provide the best economic opportunities.
The UAE has announced a number of initiatives for ease of doing business such as the introduction of a new long-term visa regime, 100 percent foreign ownership to foreigners, zero income tax, very low corporate income tax, and signing of the Comprehensive Economic Partnership Agreement (CEPA) with a number of countries to facilitate and ease trade with major economies such as India, Israel, etc.
The UAE is also the most competitive economy in the Arab World as per the 2022 IMD World Competitiveness Ranking released in February.
In addition, Economist Intelligence Unit and World Bank have also rated the Emirates highly for its business-friendly environment.
Issam Abu Suleiman, director of the Gulf Cooperation Council at the World Bank, lauded the UAE’s economic performance and expects this upward journey will continue in 2023.
He credited the UAE economy's anticipated growth to government efforts to diversify the economy, a business-conducive ecosystem, ease of doing business, and sophisticated infrastructure.
Meanwhile, Economist Intelligence Unit said on Tuesday in its latest “Assessing the best countries for doing business” report that the UAE and other Gulf countries are the highest-ranked in the region and the region’s score is improving in recent years in line with rising oil prices and growing absorptive capacity for new investments.
“Qatar, Saudi Arabia, and the UAE will improve further in 2023-27,”
The World Citizenship Report 2023 released by CS Global Partners ranked the UAE high on mobility (20th), financial freedom (28th), and quality of life (32nd).
News Source: Khaleej Times