The UAE economy continues the trend of getting an outstanding recognition on the global stage, as illustrated in the diverse indexes and reports offering comparisons of countries on various variables and factors. Recently, the UAE clinched the third spot in the Change Readiness Index (CRI) and behind Switzerland and Sweden.
The index has three major variables, namely enterprise, government and people capability. KMPG International comes up with the report, noted for focusing on the readiness of nations to encounter abrupt or gradual shifts in economic, political, societal and environmental conditions.
It is suggested that change is the only constant. Clearly, countries like companies must prepare for change on a regular course, occurring incrementally or more immediate. The UAE has the best ranking in one of three variables, namely enterprise capability. It was second best on the government capability variable, but lags in the people and society capability.
Dubai is a notable contributor to the enterprise capability by showing readiness for allowing investors to engage in business activities Also, practices like e-government and going paperless add to the UAE’s strength on the government capability. Many public services have already transferred online.
The other two Gulf countries ranked in the report, Qatar and Saudi Arabia, are placed 19th and 26th among 136 countries included.
Meanwhile, in another report, the IMD World Competitiveness Yearbook 2017, gives the UAE an outstanding rating. It is the 10th best among 63 nations reviewed, having advanced by five.
Hong Kong, Switzerland, Singapore, the US, Netherlands, Ireland, Denmark, Luxembourg, and Sweden are ranked ahead of the UAE.
The IMD report evaluates economies on the basis of some 341 factors dealing with economic performance, government efficiency, business efficiency, and infrastructure. A number of countries do not qualify for inclusion, reflecting the sheer size of variables used in the study.
The Global Talent Competitiveness Index (GTCI), which forms an integral part of part of Mebaalent Competitiveness 2017, provides the UAE the best result in the region. The Centre for Economic Growth at INSEAD, a business school in Switzerland, produces the report, which pays particular attention to the notion of enticing and maintaining skilled immigrant workers.
The UAE is ranked 19th after advancing by 17 notches. It places fourth best on the attractiveness pillar.
Another study, the 2017 Index of Economic Freedom, recognises the UAE as a place for doing business. The Heritage Foundation and the “Wall Street Journal” publish the report, which is noted for placing emphasis on the role of the private sectorin the economy.
The UAE is ranked the eighth freest economy among the 180 ranked. The positions are decided on the willingness of nation-states to care about the rule of law, property rights and freedom from corruption, regulatory efficiency, openness of markets for trade, investment and financial services as well as governmental involvement in the economy.
Certainly, all roads are leading to the UAE.
The writer is a Member of Parliament in Bahrain.
