Dubai has launched a new business office aimed at enhancing the emirate's competitiveness on a regional and international level.
The Department of Economic Development (DED) in Dubai on Wednesday announced the launch of the Dubai Competitiveness Office as directed by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of DED.
Khalid Al Kassim, deputy director general for executive affairs at DED, has been named the director of the new office.
The new office will also support and co-ordinate efforts to achieve welfare and prosperity for Emiratis and upgrade their standard of living.
The move comes three months after the latest Global Competitiveness Report was published by the World Economic Forum. It ranked the UAE 24th in the list, a rise of three places on the previous year.
"The competitiveness office will also develop and implement necessary strategies to upgrade the capabilities of Emiratis and strengthen Dubai's standing as an investment destination," a statement said.
Sami Al Qamzi, director general of DED, added: "Dubai has a stable and diversified economy, world-class transport and communications infrastructure and proximity to strategic markets, in addition to a visionary leadership, transparent policies, family-friendly environment and high standards of living.
"Embracing competitiveness as the overarching theme in economic activity, services and individual pursuits will facilitate Dubai's move to the next level of growth," said Al Qamzi.
He said the new office would "consolidate efforts to create best practices and boost performance in the public and private sectors".
The office will also liaise with the other government departments and institutions in the UAE as mandated by the Dubai Executive Council to evolve an integrated mechanism to leverage Dubai's competitiveness.
In September, Qatar retained its position as the Middle East's most competitive economy, according to new rankings published by the World Economic Forum.
Qatar ranked 11th globally out of 144 economies covered, up three places compared to last year's list while Saudi Arabia (18th) also made the top 20 despite slipping one place on its 2011 ranking.
The UAE rose three places in this year's list to be placed 24th while Oman remained static at 32nd.
Despite suffering months of unrest, Bahrain managed to improve its ranking in the Global Competitiveness Report 2012-2013. The Gulf kingdom rose two places to 35th while Kuwait was the least competitive country in the GCC region at 37th, down three places on last year's list.