UAE Took Top Spot in Arab Economies Competitiveness Report 2023
The United Arab Emirates (UAE) ranked first in the Arab Economies Competitiveness Index.
By benefiting from improvements in key sectors: macroeconomics and investment environment and attractiveness.
Moreover, the UAE, Qatar, Saudi Arabia, Oman, Kuwait, and Bahrain occupied the top six positions in the Arab competitiveness ranking.
Qatar secured the second position, due to improvements in the real estate sector, government finances, infrastructure, institutions, and good governance.
While Saudi Arabia achieved a significant improvement in the competitiveness index, ranking third in the Arab world.
This is due to better performance in macroeconomics (real sector, external sector, and public finances).
Mentioning that Jordan, UAE, Algeria, Iraq, Oman, Qatar, Kuwait, Libya, and Yemen improved their positions in the overall Arab economies competitiveness index for the second consecutive year.
Reasons Why the UAE Took Top Spot in the Competitiveness Index:
- Macroeconomic stability: UAE enjoys remarkable economic stability, with stable prices, high growth rates, a current account surplus, and low public debt.
- Attractive investment environment: UAE offers a conducive environment for investment, characterized by low taxes, ease of doing business, and advanced infrastructure.
- Skilled human capital: UAE boasts a skilled workforce with high educational attainment and excellent training and development opportunities.
Khalifa University of Science and Technology announced that it topped the country’s universities for second year in a row and that it is among the best 40 universities in Asia according to QS Foundation’s classification of global universities in the field of sustainability 2024 pic.twitter.com/yHs1HNgZm2
— UAE Voice (@uae_voiceeng) December 21, 2023
Importance of the Arab Economies Competitiveness Report:
The Arab Economies Competitiveness Report serves as a valuable tool for policymakers in Arab countries.
Because it helps them assess their progress in boosting competitiveness and identify areas requiring improvement.
The report is also facilitates the exchange of experiences and successful practices among Arab nations.
This year, the UAE took top spot on regional and global levels based on numerus achievements in many sectors.
I believe that 2024 will hold more success for the UAE due to its continuous developments in all fields …
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