UAE tops Gulf nations in world business ratings

US leads the way in World Economic Forum's rankings with UAE at No. 16 out of 52.
UAE tops Gulf nations in world business ratings
By Andy Sambidge
Wed 10 Sep 2008 07:40 AM

The UAE has been ranked 16th out of 52 countries in the World Economic Forum's inaugural Financial Development Index.

The country topped the Middle East region in the list which was headed by the US, followed by the UK, Germany, Japan, Canada and France.

Other regional countries included in the index were Israel which was ranked at 23rd, Kuwait (26), Saudi Arabia (27) and Bahrain (28).

The rankings considered several factors such as business environment, financial stability, size and depth of capital markets, and ease of access to capital.

"This is a great achievement for the UAE in the financial sector," Hani Al Hamili, Secretary-General of the Dubai Economic Council, told UAE daily Gulf News on Wednesday.

The UAE in general and Dubai in particular have been able to leapfrog to such a status in the "shortest period of time and in high transparency", Al Hamili added.

The report drew data from a variety of publicly available sources as well as the World Economic Forum's Executive Opinion Survey, a comprehensive annual survey.

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