Abu Dhabi: The government of Abu Dhabi will issue a set of laws to improve transparency and disclosure in business and make companies more competitive, a top official said yesterday.
Mohammad Omar Abdullah, undersecretary in the Department of Economic Development (DED), said the Competitiveness Office of Abu Dhabi (COAD) will make recommendations for issuing laws and implementing regulations to promote legislation and enhance transparency and disclosure.
Speaking after the signing of an agreement between DED and the Emirates Competitiveness Council (ECC), Abdullah told Gulf News: "The UAE looks forward to setting up solid ground on which to build competitiveness. This will be done according to the highest international standards to implement the competitiveness concept and culture at both the individual and institutional levels."
Reducing barriers
The authorities are pushing UAE companies to become more competitive to be able to survive in a global environment in which countries are forced to reduce barriers and allow greater competition.
The UAE ranked 33rd worldwide in the World Bank Report on Doing Business 2012, and it occupied 27th place in the Global Competitiveness Report 2011-2012.
"The Competitiveness Report put the UAE among the top 10 countries in more than 20 indicators. It took the third place worldwide in security and stability, an indicator directly linked with the positive business environment," said Abdullah.
"The UAE was ranked fourth worldwide in terms of the quality of air transport infrastructure, while it acquired the fifth rank in the areas of efficient management of government finance, government provision of advanced technological products and the flexibility to determine wages."
The UAE was placed sixth worldwide in the quality of port infrastructure in addition to its seventh rank in the ease of customs procedures and the quality of road infrastructure.
The country ranked tenth in the world in consumer awareness, the undersecretary said.
Abdullah Lootah, ECC Secretary General, said that in the Legatum Prosperity Index of 2011-2012, the UAE rose two slots to 27th due to its strong economic performance, entrepreneurship and opportunity, safety and security, and social capital.
In the World Bank Ease of Doing Business Report for 2012, the UAE was ranked fifth globally and first in the Arab world in cross-border trade, according to Lootah.
"The Legatum Prosperity Index is based on the assumption that successful countries enjoy a "virtuous cycle" of economic freedoms and growth, good governance as well as enterprising and happy citizens, among others," said Lootah.
He pointed out that at the end of November the UAE was ranked 30th in the UN Human Development Index of 187 countries and first in the Arab world.
"The UN report uses various metrics, including life expectancy at birth, mean years of schooling, expected years of schooling and per capita gross national income," said Lootah.
The cooperation agreement aims to exchange knowledge and expertise, establish joint ventures and improve the competitiveness of the UAE as part of the efforts by local and federal stakeholders to enhance the status of the UAE at the regional and international levels.
