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United Arab Emirates heads region’s economies

GENEVA - The United Arab Emirates is the most competitive economy in the Arab world among countries with the most advanced development, according to a new report published on Tuesday.

The Arab World Competitiveness Report published by the Geneva- based economic think-tank, the World Economic Forum, ranked the UAE in 29th position among the 40 most advanced economies in the world, making it the best performing Arab country, followed by Qatar and Kuwait.

Among countries at the second stage of development, Tunisia and Oman are the best performing Arab economies, while Egypt is the region’s best performer in the third group of least advanced economies, followed by Morocco.

High oil prices and increased global trading had helped the Arab world enjoy “spectacular” rates of growth for the fourth year in a row, said the report, but the region was still far from realizing its full potential.

The Forum’s founder and Executive Chairman, Klaus Schwab, said the Arab world was at a critical juncture. “Although the region’s economies are currently very dynamic,” he said, “there is no doubt that improvements to national competitiveness and closer integration with the global economy and within the region are necessary if this growth momentum is to be sustained.”

The report said a profound change in mindset was also needed with education and social reforms essential to spur on entrepreneurship and future development.