Dubai ranks first in the Arab world and fourth globally in terms of economic performance, according to a new report from the Switzerland-based IMD World Competitiveness Centre.
The report – compiled in cooperation with the Dubai Competiveness Office of the Department of Economic Development – ranked Dubai ahead of Canada, Japan, Singapore and Hong Kong, as well as all EU countries excluding Luxembourg.
Dubai ranked first in several categories, including gross domestic savings (percentage of GDP) and employment growth, and second in export of goods, low employment rate and youth unemployment.
The emirate also ranked third in employment (percentage), exchange rates, export concentration by partner, and export of goods per capita, as well as fourth in terms of GDP per capita and tourism receipts.
In the Arab world, Dubai also leads on a number of indicators including direct investment flows inward, forecast inflation, ‘government consumption expenditure - real growth’, export concentration by partner and tourism receipts.
The report also ranked Dubai first among Arab countries – and nine globally – in direct investment flows inward (6.42 percent of GDP) with a stock of $73.8 billion, ahead of the US, Australia, Canada, Germany, France and China.
Dubai also ranked second in the MENA region and twelfth globally in foreign direct investment abroad (4.51 percent of GDP) and a total stock of $28.8 billion.
The Dubai Competiveness 2018 report compared the emirates with 63 economies around the world based on 346 different competitiveness indicators.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.