According to the latest Global Competitiveness Report, released by the World Economic Forum (WEF), the UAE has again been ranked amongst an elite group of ‘innovation driven economies’ from across the world.
This is the second consecutive year the Gulf state has received this recognition.
The group includes countries as diverse as Germany, Japan, Sweden, Australia, Canada, the United States, Switzerland, the United Kingdom and Singapore. The UAE is the only Arab country to feature in the group.
A report published by Khaleej Times said that the UAE was also ranked 25 in the world for its competitiveness and that it had been named amongst the top 10 countries in the world in more than 18 indicators of competitiveness globally, according to the WEF report for 2010-2011.
The annual report, which will be released on Thursday, assesses the competitiveness of each country on the basis of certain indicators organised into 12 pillars, with each pillar representing an area considered as an important determinant of competitiveness.
These 12 pillars include: institutions, infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market sophistication, technological readiness, market size, business sophistication and innovation.
Commenting on the UAE ranking, Abdullah Lootah, secretary general, Emirates Competitiveness Council, said: “The UAE’s ability to secure an advanced ranking, regionally and globally, with respect to the quality of infrastructure, the government’s provision of high technology products and other variables, is a result of the UAE government’s commitment to the development of infrastructure and building new economic sectors based on innovation.”
The UAE ranked third in the world for ‘quality of infrastructure’, three positions ahead of its classification in last year’s report, while also ranking third in ‘government provision of high technology products.'
The report also ranked the UAE sixth in the world with respect to ‘goods market efficiency’, four positions ahead of last year’s classification, and sixth in the world on the ‘quality of road infrastructure’.
It maintained its sixth position in ‘foreign direct investment’ and ‘technology transfer’ indicators.
Hani Rashid Al Hamli, secretary general, Dubai Economic Council, said: “Achieving a high rank in global competitiveness is not an end in itself, but an indicator of the performance of our various economic sectors and an opportunity to compare this performance with other economies, in order to gauge the status of the national economy at a global level.”
He added that the ultimate goal of competitiveness would be to raise the rate of economic growth to a level that ensures high rates of social and economic welfare for the members of the community, which is the ultimate goal of any economic system.
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.