Dubai has been ranked first in the Arab world in terms of government budget as a percentage of gross domestic product (GDP), according to the Competitiveness Report 2018 issued by Switzerland-based International Competitiveness Centre of the International Institute for Management Development (IMD).

The emirate is also ranked third in public finance and seventh in government efficiency globally due to clear and streamlined approach to government work, supplemented by policies and plans that support business competitiveness.

“Dubai has set a high benchmark for both government and business efficiency,” said Sami Al Qamzi, director general of the Department of Economic Development (DED), in a statement issued by the media office of Government of Dubai on Tuesday.

“This achievement has been possible because of the team spirit that His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has instilled in us. The emirate features among the strongest and most dynamic economies of the global competitiveness map,” he said.

The initiatives of the Government of Dubai have boosted the emirate’s position in infrastructure efficiency, making it the world’s fourth best in basic infrastructure, ahead of developed economies such as Hong Kong, France, Japan, Switzerland and Denmark.

Dubai has also been ranked third as a global financial hub, ahead of Singapore and Switzerland, and all European Union Countries except Iceland.

The emirate also tops in the world in terms of start-up procedures and days (time required to obtain a commercial license) due to initiatives launched by the Department of Economic Development like Instant Lincense. The new system has brought down the time required to complete business registration and licensing transactions by 90 per cent.

In terms of the adaptability of government policy to changes in the economy and the extent of implementation of government decisions, Dubai has been ranked third globally, according to the statement.

The emirate also ranks first in terms of population growth and number of internet users in addition to being third globally in low dependency rates.

Globally, Dubai stands second in the openness of the local culture to new ideas as well as in terms of the efficiency of economic and social reforms in the emirate. Dubai’s labour force is the third biggest as a percentage of the population.

Dubai ranks fourth worldwide in productivity in the service sector, ahead of Singapore and Hong Kong. The average number of working hours per year in Dubai is the fifth highest globally.