UAE is still maintaining its position as one of the most competitive within the Arab world. Currently, it has moved up to 16th position in the world Economic Forum’s Global Competitiveness Report 2016-2017.
Qatar is currently at 18th position and Saudi Arabia at 29th. For the past 8 years, Switzerland is ranked as the most competitive economy in the world. It is ahead of United States and Singapore.
“Overall, the UAE boasts a number of competitive strengths with infrastructure and is ranked 4th in overall global ranking and goods and labour markets open and efficient. Going forward, for the country to diversify its economy, enhancing innovation will be crucial. There is equal scope for better leveraging digital technologies that are an important enabler of business innovation” the report said.
The report also stated that Middle East and North Africa region are experiencing instability and spill-over effects as a result of the conflicts in Syria, Yemen, and Libya.
“Oil-exporting countries in the Middle East and North Africa region have room for improvement in these areas, which should go hand in hand with diversification away from the energy sector. The most competitive economy in this group, the United Arab Emirates, is also the most diversified and has made great strides toward improving technological readiness and innovation since 2011, moving from 30th to 18th and from 28th to 25th on the related pillars of the GCI, respectively,” the report said.