UAE 'has the most economic freedom'

28/11/2012 - Dubai Investment News Posted by Neil King
UAE 'has the most economic freedom'

The UAE offers the highest level of economic freedom in the Arab world, a new study has suggested.According to research undertaken by the Fraser Institute - Canada's leading public policy think-tank - the country is joint-first alongside Bahrain, with both nations receiving a score of 8.1 out of ten.Leaders at the organisation insist that economic freedom is in short supply in some parts of the Middle East, but certainly not in the UAE.The UAE was able to improve upon its score from 2011, when it was given a grade of 7.9, which left it in second place.Published in partnership with the Friedrich Naumann Foundation for Liberty and the International Research Foundation (IRF) of Oman, the report found that Qatar and Saudi Arabia only finished seventh and eighth respectively in the standings.This is a huge endorsement for the UAE, as it demonstrates to entrepreneurs all around the world that the government takes a more hands-off approach than other countries and is happy to allow businesses to expand."Increases in economic freedom that are, in effect, a return to the classical Arab model of free trade and open markets would help generate the economic dynamism needed to create the jobs and prosperity that the region requires for a successful future," commented Salem Ben Nasser Al Ismaily, the report's lead author and chairman of the IRF.Co-author of the report Dr Michael Walker added that economic freedom is key to increasing prosperity, job creation and a reduction in poverty.Not a day goes by without some form of report or study highlighting the strength of the UAE's economy, it seems.The Dubai Statistics Centre has revealed that Dubai's gross domestic product increased by 4.1 per cent in the first six months of the year and much of the upturn was attributed to a significant rise in tourism numbers.Executive director of the Dubai Statistics Department Arif Obaid al-Muhairi said the city's diversity is particularly appealing to foreign holidaymakers.