The latest study, conducted by the international analytical group Legatum Institute, showed that the UAE has the highest well-being index in the whole Middle East. The countries' welfare ranking Legatum Prosperity Index covers more than 140 countries and considers the following factors:
- Economic situation in the country;
- The efficiency of public administration;
- Opportunities for entrepreneurial activity;
- Security to reside in the country and level of health care;
- Educational sector;
- Social values and personal liberties of citizens.
Statistics and indicators of international rating
As for the United Arab Emirates, considering all its characteristics, the country occupies the 30-th place and in included in the so-called area of the well-being countries. It is worth noting, that the countries bordering the UAE are lagging behind it in this rating. For example, Kuwait and Saudi Arabia are the 36-th and the 42-nd respectively, while Yemen is at the 135-th position. Comparatively Israel took the 38-th position, having lagged 8 points behind United Arab Emirates.
Speaking about the economic indicators of the rating, it can be noted that the economy of the UAE takes the 21-st position and is leaving behind such developed countries as France, Japan, Spain, Italy, Hong Kong and Austria. International analysts have praised the business opportunities and freedom of entrepreneurship in the UAE. According to these indicators, the United Arab Emirates can be compared with the leading European countries. A similar situation exists in the area of public administration. However, other Middle Eastern countries lag considerably behind these parameters.
By the way, the first place in the overall standings is won by Norway, and the best economic performance has Singapore. The last place is held by the African countries, particularly those in the southern part.
The United Arab Emirates – what is the secret of success?
According to international experts, the success of the UAE is not unsystematic and has quite objective reasons. Despite the fact that Emirates is the world's largest supplier of oil and gas industry products, for many years, the Government has been engaged in the active diversification of the national economy. All the revenues accruing from the oil and gas sector are invested in the development of the other industries, tourism, urban infrastructure and international trade. Today the UAE has the world's best shopping malls, beaches with all the facilities and hotel complexes.
Larger role for the national economy has the financial sector and operations in real estate, tourism and the service sector. And owing to the construction boom, that is growing in the UAE, the Arabian cities have rapidly turned into large megalopolises.
The experts say that the Emirate of Dubai is a driving force for national economic development. More and more enterprises worldwide have already valued the possibilities and advantages of business organization in Dubai. Besides, Dubai megalopolis has become the record-holder for incredible tourist sites and attractions. Today everyone on the planet knows that the tallest skyscraper is built in Dubai, and local shopping malls have become the most visited places by tourists and visitors from all over the world. The number of guests staying in the United Arab Emirates is increasing every year. Experts say that by 2020, to the time of the international exhibition EXPO 2020, Dubai will have been visited by over 20 million foreign visitors.