The UAE has the most competitive economy in the Middle East and North Africa, says a new study from the World Bank Group and the World Economic Forum.

The Arab World Competitiveness Report 2018, launched this week, ranked the UAE as the 17th most competitive country in the world. The ranks are based on 12 factors, including infrastructure, technological readiness, business sophistication and education, that are critical for productivity and economic growth.

Qatar ranked 25th most competitive, and Saudi Arabia ranked 30th were other MENA nations to crack the global top 30.

The report highlights the economic improvements of several countries in the MENA region:

• Bahrain is piloting a new flexi-permit for foreign workers to go beyond the usual sponsorship system that has segmented and created inefficiencies in the labour market of most GCC countries.
• The United Arab Emirates has increased equity investment in technology firms from 100 million to 1.7 billion USD in just two years.
• In ten years, Morocco has nearly halved its average import tariff from 18.9 to 10.5 per cent, facilitated trade and investment and benefited from sustained growth.
• Saudi Arabia has committed to significant changes to its economy and society as part of its Vision 2030 reform plan

The report noted that increased diversification makes the UAE’s economy most resilient and able to weather the double shock of lower oil and gas prices and reduced global trade, and better suited to maintain a stable macroeconomic environment. It benefits from strong institutions, good infrastructure, and a good level of health care and primary education, according to the report. To further increase its competitiveness, the UAE will have to speed up progress in upgrading its higher education access.

To view the full Arab World Competitiveness Report, visit the World Economic Forum website.

For more information on the results of the Arab World Competitiveness Report 2018, email World Economic Forum via the contact details below.

Source: World Economic Forum

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