UAE ranks 1st globally in strong and stable economy indicator

The country holds firm at 10th place in Brand Finance Soft Power Index 2024

Published: Thu 29 Feb 2024, 4:25 PM

Updated: Thu 29 Feb 2024, 4:27 PM

By
Web Desk

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The UAE ranked 1st in the 'Strong and Stable Economy’ indicator, while the country continues to hold its position at 10th place at the Brand Finance Soft Power Index 2024 for the second consecutive year, standing as the only Gulf nation among the world’s top 10 soft powers.

The announcement came during the annual Global Soft Power Summit, which was held in the British capital, London, in the presence of a group of global leaders and public figures, led by former British Prime Minister Sir John Major; Eliza Jean Reid, the First Lady of Iceland; and Olena Zelenska, the First Lady of Ukraine.

The UAE has demonstrated a remarkable trajectory in its positioning and rating within the global index, that surveyed over 170,000 individuals to assess the 193-member states of the United Nations. It has consistently climbed the ranks, solidifying its reputation as a key player in shaping global perceptions.

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The UAE has made significant strides in the Brand Finance Soft Power Index over the years, indicating consistency in maintaining its influence and reputation on the global stage.

Strong and stable economy

This confirms UAE's status as a model of sustainable economic growth and diversification, particularly following its successful implementation of a series of effective strategies and prudent decisions made by its leadership in recent years.

The UAE has succeeded in decreasing its dependency on oil as a primary revenue source by fostering the growth of other sectors such as tourism, technology, renewable energy, and financial services.

This diversification strengthens the economy and shields it from oil price fluctuations, while also paving the way for new avenues of growth and advancement.

Also, previous data have shown a remarkable rise in UAE’s non-oil foreign trade in 2023, reaching an unprecedented level of Dh3.5 trillion, a milestone for the UAE's economy, achieved despite the global downturn in international trade. The UAE is home to a large and growing number of major international companies and promising firms across various sectors.

Internationally admired leaders

The UAE ranked 10th in the ‘Internationally Admired leaders’ indicator, which reflects the global status achieved by the UAE leadership through a balanced foreign policy that consists of spreading Emirati values, building bridges of peace and enhancing diplomatic relations with all countries worldwide.

The advanced ranking of the UAE demonstrates the proactive and influential role that the UAE fulfills both regionally and globally as an active partner in advancing global peace and development.

A clear future vision

The UAE achieved 3rd place in the ‘Future Growth Potential’ indicator. This highlights the strategic vision of the country towards investments and future opportunities within a number of vital sectors, including innovation, and technology infrastructure development.

This vision contributes significantly to bolstering the UAE’s capacity to explore new horizons for growth across economic, scientific, and social sectors. Additionally, it strengthens the country's position as a leading destination for attracting global investors and talents.

Global audience engagement

The UAE ranked 10th in the ‘Affairs I Follow Closely’ indicator. Through its media outlets and institutions, the UAE emphasises its achievements across all sectors and fosters effective communication channels with the public, as well as with local, regional, and global media platforms.

This strong media presence has contributed to building a positive international image for the UAE and its distinguished developmental journey.

The UAE has successfully hosted the prestigious EXPO 2020 as well as numerous specialized events across various sectors, enhancing its position as a promising destination across multiple economic and tourism sectors.

Generosity

The UAE ranked 3rd in ‘Generous’ indicator in the Soft Power Index, which reflects its genuine values and commitment to helping others. The UAE has exhibited a strong commitment to supporting countries and peoples through a number of humanitarian initiatives and aid.

Influence in diplomatic circles

According to the Brand Finance report 2024, The UAE ranked 8th in the ‘Influential in diplomatic circles’ indicator. Achieving this position underscores the UAE's pivotal role globally through its active diplomacy and impactful engagement with international organizations, to contribute positively to global peace and stability.

Business and trade image

The UAE secured 10th place globally in the ‘Business & Trade image’ indicator, underscoring its achievement in cultivating a supportive business and investment environment. With a comprehensive and advanced legislations implemented in recent years, the UAE has effectively addressed regional and global challenges that have emerged, positioning itself as one of the world's foremost nations in encountering challenges.

Technology and innovation hub

The UAE ranked 8th in the ‘Leader in Technology and Innovation’ indicator, in a demonstration of the country’s dedication to pioneering in the fields of technology and innovation. The UAE is committed to maintain and promote its status as a global hub for innovation and technology, through investments in education, scientific research, financial technology, artificial intelligence, and supportive sectors for advanced space industries.

Safety and security

The UAE ranked ninth place in ‘Safe and Secure’ indicator, which shows the quality of life in the UAE and its ability to provide a safe and exemplary environment for both residents and visitors.

The achieved success in this aspect is the outcome of dedicated efforts to establish a high-quality security and policing system, which plays a vital role in fostering societal stability and instilling a sense of security across all sectors.

Outstanding performance in sustainability

A remarkable performance achieved by the UAE across various sustainability indicators, ranking 9th globally in the "Sustainable cities and transport" index and 18th globally in the "Invests in green energy & technology" index.

The UAE leadership has declared extending the Year of Sustainability into 2024. This reflects the country's ongoing commitment to sustainability, especially in light of the notable achievements and outcomes of COP28.

Nation Brand Value Index

The UAE's Nation Brand witnessed a significant increase in its value from $700 billion to a trillion dollars within 3 years, which solidified the country’s position as the most valuable national brand in the Middle East and Africa region.

The Brand Finance Soft Power Index provides a comprehensive assessment of countries' soft power influence globally. The index surveyed more than 170,000 people from the 193- member states of the United Nations.

The Brand Finance report covered 55 main and sub-indicators to measure the positive reputation of countries and their ability to have a positive impact, as well as to understand the perceptions and opinions of the global public on matters including the investment environment, products and services, living, working, studying, and visiting.

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