UAE has one of world's most innovative economies, study finds

09/09/2010 - Dubai Investment News
UAE has one of world's most innovative economies, study finds

Posted by Neil King

The UAE has been ranked in a group of countries adjudged to have the most "innovation-driven economies" in the world.

Achieving the ranking for the second consecutive year, the UAE is also the only Arab country to feature in the group, which is set out in the latest Global Competitiveness Report by the World Economic Forum (WEF), the Khaleej Times reported.

Other countries listed in the category include Germany, Japan, Sweden, Australia, Canada, the US, Switzerland, the UK and Singapore.

In addition, the UAE was ranked 25th in the world for its overall competitiveness by the WEF, with the country also being named among the top ten in more than 18 indicators of competitiveness globally.

According to the Khaleej Times, the report looked at a number of areas including infrastructure, macroeconomic stability, health and primary education, higher education and training, goods market efficiency, labour market efficiency and financial market sophistication.

Menahwile, Sultan Bin Saeed Al Mansouri, the UAE economic minister, said last week that the country is in the final stages of enacting new laws and updating existing regulations to boost investor confidence.