UAE first among Arab economies in competitiveness

The UAE has cemented its position as the most economically competitive nation in the Arab world, securing the top spot in the latest Arab Economic Competitiveness Index.

The seventh edition of the report, released by the Arab Monetary Fund (AMF), underscores the UAE's sustained progress across crucial sectors, including its robust overall economy, increasingly attractive investment environment and growing allure.

The UAE secured the top spot in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index.

Additionally, the UAE came in first place among Arab countries in terms of investment environment and attractiveness, topping the economic freedom index due to its advanced standing in all sub-indices.

The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity, while ranking second in the share of air transport and shipping to total global transport and shipping.

In terms of institutional and good governance sectors, the UAE came out on top, achieving an advanced ranking in both the administrative corruption and government efficiency indices.

The Arab Monetary Fund report highlighted that many Arab nations have adopted multiple national strategies and visions to enhance productivity, improve the efficiency of produced goods, and focus on productive sectors.

"Arab countries are striving to develop service sectors, facilitate business environments, and enhance infrastructure to address challenges that hinder their competitiveness," it said.

The AMF report anticipated that the enhancement of economic competitiveness and productivity would contribute to diversifying Arab economies, providing employment opportunities, leading to sustainable economic development, and raising citizens' living standards.