The recently released IMD World Competitiveness Index places the UAE on the 10th position this year. The middle-eastern countries climbed 5 places in this year’s report thanks to a lower dependence on oil revenues and on a higher reliance on the private sector. Foreign investors interested in investing in the UAE can rely on our Dubai company formation advisors if they want to start businesses here.
The UAE has been present in the World Competitiveness Index for many years now. Reaching top positions during the last few years in one of the most prestigious reports in the world is a high achievement for the UAE. More than that, this year UAE’s position improved even more as it rose 5 places, occupying the 10th place in the overall competitiveness category and ranking 18th in the digital competitiveness one.
Moving away from the oil industry and emphasizing the importance of the private sector in its economy have made the difference in UAE’s ranking this year. The import and export industry which make the international sector of the country has also improved during the last year driven by foreign investments and higher employment numbers.
One of the key factors determining the UAE’s 10th place in the World Competitiveness Index is the managers’ perceptions of the future economy. These consider the government is relying more on companies in the private sector which are encouraged to create new jobs. They also say protectionism has decreased, while transparency levels have increased.
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The representatives of IMD also gave a forecast on the UAE economy for the remainder of the year, based on the information they got from company executives and the central authorities.
Dubai Expo 2020 is expected to help the non-oil economy to grow even further this year, as the global trade and investment are getting stronger. The UAE’s non-oil Gross Domestic Product is expected to grow by 3.3% this year, while the overall economy will probably reach a 4.4% expansion.
Dubai private companies in the non-oil sector are optimistic about their economic growth in the next 6 months.
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