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.For all the latest banking and finance 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.
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