The Global Competitiveness report saw the UAE jump up two spots on the list of the 25 best countries, allowing the country to remain the best among Arab economies.
This is the UAE’s fourth year in a row heading Arab nations in the business world. A new report from the World Economic Forum came out this past Wednesday, and it reflects a great improvement in the UAE’s economic performance seeing increases in 52 of 103 indicators, which are placed in 12 pillars.
The country's strong economy is reflected by being ranked as one of the best 5 among 19 indicators, and within more than half of the indicators that are a part of this year’s report, at 57, they are a part of the world’s top 20.
Based on this year’s Global Competitiveness Report, the UAE is ranked 25th among 141 listed countries. Qatar came in at 29th, Saudi Arabia was 36th and Kuwait improved to 46th on the list, which is an improvement of 8 spots.
Highest priority
Director-general of the FCSA, Abdullah Lootah, stated that the government puts consistent performance improvement as the highest priority, especially in sectors such as health, advanced sciences, the economy, and education allowing the UAE to be a part of the advancing economy worldwide.
It is understood that there is a very good atmosphere for both businesses and investors in the country due to the expedition of lesser taxes and persistent policies.
The UAE’s movement up in the Global Competitiveness report sends an inspirational and convincing message to the business community as a whole and investors, that the economy is strong and that it is safe and contains all the incentives and enablers to assure economic success & growth.
A Declaration
It has been declared by the Minister of the economy that the UAE would continue to integrate with partners of the local and federal government and private sector, as well as their international cohorts in order to create and put into action more creative initiatives for speeding up and stimulating the nation’s development of its economy, to hone the competitive edge that is led with diversification, innovation, sustainability, technology and knowledgeable research which will surely offer great progress and wealth for all the people of the country, based upon the incredible vision of UAE leadership.
How will this affect UAE real estate?
The steady positive increase in the UAE’s economy will certainly have a positive effect upon the real estate market. This combined with the government’s endeavour to establish more flexible rules on the ownership of property, flexible visas, as well as an easier entry position for mortgages will initiate increased investment.