Soaring to new heights: The UAE ranks 7th place in IMD’s Competitiveness Ranking!

Soaring to new heights: The UAE ranks 7th place in IMD’s Competitiveness Ranking!

Monday 08 July 2024Wed 16 Feb
Soaring to new heights: The UAE ranks 7th place in IMD’s Competitiveness Ranking!

When it comes to setting records and reaching new heights, there isn’t much the UAE hasn’t already accomplished and now to add to the list of accolades - The UAE has ranked 7th globally in IMD’s Competitiveness Ranking.

Marking significant strides in global competitiveness, UAE has climbed three positions higher than before to secure the seventh spot in the 2024 IMD World Competitiveness Ranking. This ranking highlights the growth of its economic landscape and governance over the years.

A victory for all!

Upon scoring this ranking, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai took to celebrate over social media this week. He praised the efforts of teams across various sectors in the UAE and celebrated the unity and dedication which is driving the nation's progress.

Sheikh Mohammed added “The best is yet to come,” which is part of the ongoing commitment to the development and excellence of the economy.

UAE’s significant progress in competitiveness

In the IMD Competitive Ranking, the country is now among the top 10 in over 90 key indicators, which showcases substantial improvements across multiple industries and areas.

In the report, the UAE excelled in several key pillars:

  • Economic Performance: Ranked 2nd globally
  • Government Efficiency: Ranked 4th globally
  • Business Efficiency: Ranked 10th globally

The guidance of major government professionals has fostered a dynamic developmental model, which has built the efficiency of the UAE government system, business environment, and infrastructure to score these top rankings in the IMD Competitiveness Report - these are:

The UAE ranked first globally in 11 indicators, including:

  • Industrial disputes
  • Labor force
  • Employment
  • Household consumption expenditure (real growth)

The UAE secured second place in nine indicators, such as:

  • Tourism receipts
  • Females in parliament
  • Labor force growth

The country also ranked third in six indicators and fourth in twelve indicators, demonstrating strong performance across a wide range of economic, administrative, and social fields.

With a strategic vision, effective governance, and a focus on sustainable development, the UAE will continue to position itself as a leading and competitive economy.

Impressive, isn’t it?

If you are thinking about calling Dubai your next home, you can definitely drop our in-house experts a line to find your perfect home!

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