UAE ranked fifth most competitive economy in the world

Wednesday, 29 May 2019 09:29

The UAE has jumped two spots to fifth in the world competitiveness rankings compiled by the Swiss business school IMD.

Government and business efficiency, as well as technological and scientific infrastructure, are some of the key factors behind the country’s improved performance.

Jose Caballero, Senior Economist at the World Competitiveness Council in Switzerland, shared the details with ARN News.

The rankings, which started in 1989, assess 63 economies on 235 indicators.

Globally, Singapore leapfrogged Hong Kong and the US to take the top spot.

More from Business

UAE advances agentic AI project targeting 50% of government operations

The UAE has launched the strategic phase of its agentic AI project, which aims to convert 50 per cent of federal government operations, services and tasks to AI-driven models within two years.
Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.
ADNOC affirms commitment to meeting customer requirements despite challenges

ADNOC says it remains focused on meeting customer needs despite challenging circumstances, following unprovoked attacks targeting its people and assets.