UAE at 'advanced, innovation-driven stage of development'

26/10/2010 - Dubai Investment News
UAE at 'advanced, innovation-driven stage of development'

Posted by Bob Brunskill

The UAE is at an "advanced, innovation-driven stage of development", the Arab World Competitiveness Review 2010 has found.

According to the study, compiled by the World Economic Forum (WEF), the UAE is ranked 25th overall in terms of competitiveness out of 139 economies in the Arab region.

WEF stated that the Arab world's competitive strengths lie in "sound and transparent institutions, macroeconomic stability and business sophistication".

It was also suggested that reforms in the countries of the Gulf Cooperation Council (GCC) have significantly improved the quality of education over the past years.

This conclusion came as it was noted that the competitiveness gap between the countries of the GCC and the rest of the Arab region has widened since the onset of the global financial crisis.

The report findings come after a speech at an investment forum in London by Mohammad Al Shehi, the director- general of the UAE's economy ministry, in which he reported that the country's average real gross domestic product has increased by 2.5 per cent this year and is set for further expansion in coming years.