UAE becomes a major economic force

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Despite facing tough economic times in the aftermath of the global financial crisis, the UAE has made a strong comeback and is now ranked among the top players in the world economy.

Dubai aerial view
Despite facing tough economic times recently, the UAE has made a strong comeback and is now ranked among the top players in world’s economy. Photo: Samuel Kimlicka

The Emirate was ranked fifth in the standard index of the World Economic Forum for Global Development in 2011. The UAE also placed on 25th position for having the best financial system.

The Global Enabling Trade Report for 2012, issued by the World Economic Forum.

Also the UAE rates best among all Arab countries and 26th globally out of 183 countries in the World Bank Doing Business Report for 2013.

The UAE has also been mentioned among the top 10 countries in the field for efficient import and export procedures and physical security. The World Economic Forum report for the year 2012/2013, is based on a survey of 144 countries, celebrates the UAE in 24th position in competitiveness.

More importantly, the country maintained its status as the only country in the list that rely on creativity and innovation for the seventh consecutive year.

The Global Competitiveness Report for 2011/2012, covers 145 countries to mark the efficiency of government spending, places the Emirate fifth, globally.

The 2012 edition of a report by International Institute for Development Management recognizes the UAE as best in the region and fourth globally, for ease of doing business.

According to Sultan Bin Saeed Al Mansouri, Minister of Economy, the UAE economy was placed on a solid footing and ready to confront all major global economic challenges. The achievement of 3.1 percent real growth by the non-oil sector is a sign of government’s dedicated efforts towards reducing reliance on oil exports and diversifying the economy.

The UAE government is expected to continue heavy investment in building world-class infrastructure, and adopting flexible economic and investment-friendly policies.

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