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The Secrets of Success of the UAE’s Economy – Competitiveness and Diversification

The Secrets of Success of the UAE’s Economy – Competitiveness and Diversification

The economy of the UAE is not only one of the most diversified in the world, according to one of the latest international reports, it also takes a leading place regarding competitiveness. More precisely, the United Arab Emirates received the highest ratings for nine key indicators. The countries were evaluated not only from the economic perspective but also taking into account trading and tourist potential. Within the ranking, the information provided by the International Institute for Administrative Development and the European Institute of Business Administration was taken into account.

According to the results of the published report, the Ministry of Economy of the UAE ranks first on five criteria. The most competitive area is tourism, which is not surprising since the country makes great efforts for the development of this industry. The Ministry of Economy also ranks first regarding indicators of corporate indices and business indices.

Emirates also received very high marks on the indicator of technological cooperation. This means that partnership is crucial for the country, both in the private and public sectors. It also means that the UAE pays great attention to the development and implementation of innovative technologies. The government is satisfied with the results and is not going to rest on its laurels. High indicators are a clear reward for the efforts made to achieve sustainable development and economic diversification.

These reports are prepared by one of the most authoritative and respected organizations in the world. Obviously, this confirms the correctness of completed important activities of the country. The UAE Ministry of Economy is truly interested in the international cooperation. It is very important for the UAE to develop and improve the business environment, constantly and systematically increase its attractiveness for investors and entrepreneurs.

The government aims to continue to work hard to increase the prestige of the UAE. Shortly, several more key initiatives and programs for economic development are expected to be launched. According to the Minister of Economy of the UAE, Sultan bin Said Mansur, there is still a lot of work ahead. The main goal of the United Arab Emirates is the truly diversified and competitive economy, based on technology, progress, knowledge, and innovation.

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