UAE Jumps to 7th Place in 2024 World Competitiveness Report

The Vice President, Prime Minister, and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan, the UAE continues to improve its global standing each year.

According to Switzerland’s 2024 World Competitiveness Report by the International Institute for Management Development (IMD) the UAE has climbed three spots to rank 7^th.

Sheikh Mohammed bin Rashid highlighted “The UAE is now among the top ten globally in over 90 key and sub-indicators in the 2024 World Competitiveness Report. Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates.”

By securing a rank in the top 10 UAE has made a change this small gulf country is ahead of many European and developed countries like countries like Norway, Iceland, Japan, Canada, and Finland. The country performed exceptionally well across various areas like it ranked 2nd globally in Economic Performance, 4th in Government Efficiency, and 10th in Business Efficiency.

The Minister of Cabinet Affairs of UAE Mohammad bin Abdullah Al Gergawi stated that “The UAE’s continuous presence at the forefront of this significant report reflects its status as one of the world’s most competitive economies. The exceptional vision and wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum have made the UAE a pioneering developmental model adaptable to ongoing global changes. This demonstrates the efficiency of the UAE government system, the flexibility of its business environment, and the readiness of its infrastructure.”

Hanan Mansour Ahli also commented “This achievement is due to dedicated teams committed to implementing the vision and directives of the government of the future, reinforcing the UAE’s leadership. These results reflect the solid principles of the competitiveness culture in the UAE.”

The World Competitiveness Report classifies countries based on four main pillars and 20 sub-areas encompassing 336 competitive indicators across various economic, administrative, and social fields. This year, the UAE advanced in all four main pillars. Notably, the UAE ranked 1st globally in 11 indicators, including industrial disputes, labor force percentage, employment percentage, and household consumption expenditure-real growth.

The UAE also secured 2nd place globally in 9 indicators, including tourism receipts, females in parliament, labor force growth, adaptability of government policy, and absence of bureaucracy. Additionally, the UAE ranked 3rd globally in 6 indicators and achieved 4th place in 12 indicators, including consumer price inflation and long-term unemployment. Moreover, the UAE secured 5th place in 13 indicators, such as GDP (PPP) per capita and quality of air transportation.

The IMD World Competitiveness Report is a comprehensive annual report and a global benchmark on the competitiveness of countries. The first time it was published in 1989. The report highlights the  It trends, statistics and survey data derived from extensive research.