UAE ranked among world’s top 10 economies; Sheikh Mohammed thanks President, people for their dedication

Emirates leads the world in several indicators such as management, energy, infrastructure, the government’s ability to adapt to changes and others


Waheed Abbas

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Published: Tue 20 Jun 2023, 4:51 PM

Last updated: Tue 20 Jun 2023, 10:05 PM

The UAE has been ranked among the world’s top 10 most competitive economies, rising two places, according to IMD World Competitiveness Report in 2023, released on Tuesday.

While taking to Twitter, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, praised the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan and the people of UAE for their effort, sincerity, dedication, and rallying around their leadership to achieve high rankings.

Sheikh Mohammed said that the UAE leads the world in several indicators, such as management, energy, infrastructure, the government’s ability to adapt to changes and others.

The emirate economy is now more competitive than the advanced countries such as Australia, Germany, South Korea, the UK, France, and Japan among others.

Among the sub-indexes, the UAE saw its ‘Economic Performance’ improving from 6th to 4th and ‘Business Efficiency’ from 17th to 16th.

Christos Cabolis, the chief economist of the World Competitiveness Centre, praised the UAE and other regional economies for adopting agile policies to build a resilient economy.

“Navigating today’s unpredictable environment requires agility and adaptability. Countries which excel are building resilient economies, such as Ireland, Iceland, and Bahrain. Their governments are also able to adapt policies based on current economic conditions in a timely fashion. The UAE, Saudi Arabia, Qatar, and Singapore are also key examples of this,” he said.

Globally, Denmark retained its top position followed by Ireland, Switzerland, Singapore, Netherlands, Taiwan, Hong Kong, Sweden, the USA and the UAE.

“An increasing number of countries are pursuing their own interests. We are seeing winners and losers in a context in which multiple crises are overlapping and the world is increasingly divided between protectionist and open-trade economies,” said Professor Arturo Bris, Director of the World Competitiveness Centre.

All the Gulf regional countries recorded a spike in their rankings with Qatar ranked 18 (up 6 positions), Saudi Arabia at 17 (up 7 places) and Bahrain at 25 (up 5). Ranked 38 globally, Kuwait is the latest economy to join the ranking, making its début in 2023.


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