UAE leaders set up council for competitiveness

COMPETITIVE EDGE: The UAE, with its capital of Abu Dhabi, is aiming to be the most competitive economy in the world. (Getty Images)

A new council has been created by UAE leaders in an effort to make the country's economy the world's most competitive.

The government's cabinet ratified the establishment of the Emirates Competitiveness Council, under the chairmanship of Mohammed bin Abdullah Al Gergawi.

The council has been mandated with developing strategies to improve the UAE economy's competitiveness and to promote dialogue between the public and private sectors, as well as enhancing cooperation between federal and local entities, news agency WAM reported.

Dubai was last week rated the most competitive economy in the Middle East - ranking higher than the likes of Japan, Germany, France and New Zealand.

The emirate ranked 16 out of 65 economies surveyed as part of the National Competitiveness Report 2009, published by the Institute for Industrial Policy Studies at the National University of Seoul, in South Korea.

The US ranked number one in this year's study, followed respectively by the Netherlands and Denmark.

The new initiative will also seek to achieve the UAE's vision to become the world's most competitive country, while integrating UAE nationals into the development process.

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