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The UAE has achieved a remarkable milestone rising 3 places to secure the 7th position in the IMD World Competitiveness Ranking 2024. This prestigious ranking, issued by the World Competitiveness Centre of the Institute for Management Development (IMD) in Switzerland, highlights the UAE’s continuous improvement and dedication to excellence across various sectors.
Key Highlights from the IMD World Competitiveness Ranking 2024
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Global Rank:
7th worldwide, advancing from the previous year’s position.
Regional Rank:
1st among Arab countries.
Top 10 Indicators:
The UAE ranks among the top 10 globally in more than 90 key and sub-indicators.
Achievements in Specific Indicators
1st Globally:
Industrial disputes, labor force, employment, household consumption expenditure-real growth.
2nd Globally:
Tourism receipts, females in parliament, labor force growth, adaptability of government policy, absence of bureaucracy.
3rd Globally:
Collected capital and property taxes, immigration laws, management of cities, percentage of government budget surplus.
4th Globally:
Consumer price inflation, long-term unemployment, international experience, overall productivity (PPP), labor regulation, balance of commercial services, employment in the public sector.
5th Globally:
GDP (PPP) per capita, quality of air transportation, energy infrastructure, graduates in sciences, start-up procedures, unemployment legislation, foreign highly-skilled personnel, national culture, unemployment rate, and tax evasion.
Leadership and Vision on UAE 7th Position
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, celebrated the achievement, emphasizing the collective efforts of governmental, economic, and development sectors. Sheikh Mohammed lauded the unified spirit and dedication towards elevating the UAE’s global standing, stating,
“The best is yet to come.”
Strategic Governance and Development
The UAE’s success is attributed to its visionary leadership and strategic governance. Under the guidance of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, the nation has become a model of adaptability and progress. Mohammed Al Gergawi, Minister of Cabinet Affairs, highlighted the UAE’s pioneering developmental model, which efficiently navigates global changes and strengthens the nation’s competitiveness.
Data-Driven Achievements
Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, commended the seamless integration and governance of real-time data and statistics exchange between federal and local entities. This data-driven approach ensures the implementation of the government’s vision and reinforces the UAE’s leadership on the global stage.
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Comprehensive Competitiveness Report
The IMD World Competitiveness report, first published in 1989, evaluates countries based on four main pillars and 20 sub-pillars, encompassing 336 competitive indicators across economic, administrative, and social fields, including government efficiency, education, and innovation. The UAE’s significant advancement in all four main pillars showcases its robust and dynamic approach to achieving sustainable long-term value creation.
Conclusion
The UAE rises to the 7th position in the IMD World Competitiveness Ranking 2024 is a testament to the nation’s relentless pursuit of excellence. With continued dedication and strategic governance, the UAE is well-positioned to further enhance its global competitiveness and drive sustainable growth.
