In 2024, the United Arab Emirates continues to build on its status as a global leader in competitiveness, reinforcing its position through strategic leadership and forward-thinking policies. This rise is marked by significant improvements across a wide range of global indicators, showcasing the nation’s steadfast commitment to fostering a sustainable, diverse, and resilient economy.
Record-Breaking Achievements in Global Competitiveness
The UAE’s performance in global competitiveness reports has been exceptional. In 2024, it ranked among the top 10 in 661 indicators, an increase from 604 in 2023 and 508 in 2022. Of these, the UAE holds the top position in 223 global indicators, up from 215 in 2023, and is now among the top five countries in 444 indicators, compared to 406 in the previous year.
Advancements in Economic Performance and Government Efficiency
The UAE’s advancement to 7th place in the 2024 IMD World Competitiveness Yearbook underscores its growing success. The country’s impressive ranking is driven by its exceptional performance in key areas:
- 2nd position in economic performance
- 4th position in government efficiency
- 10th position in business environment efficiency
These results highlight the UAE’s ability to implement effective economic policies and government reforms that cultivate a competitive and dynamic business environment.
Human Development and Entrepreneurship
The UAE’s dedication to human development is equally impressive. In the United Nations Development Programme’s Human Development Index for 2023/2024, the UAE ranked first regionally and 17th globally, a position it has maintained due to its focus on improving the standard of living, education, and overall well-being of its people.
Further, the UAE continues to shine in entrepreneurship, topping the Global Entrepreneurship Monitor report for the third consecutive year. With a record high of 7.7, the nation has demonstrated its ongoing commitment to nurturing an entrepreneurial culture, supported by innovative policies and world-class infrastructure that empower startups and established businesses alike.
Innovation and Technological Progress
Innovation is a central pillar of the UAE’s success, with the country at the forefront of advancements in artificial intelligence, space exploration, and smart city development. Initiatives such as the Mars Mission and upcoming lunar explorations reflect the UAE’s ambition to lead globally in science and technology.
Additionally, the UAE’s digital transformation has established new global benchmarks. From e-government services to state-of-the-art infrastructure, the country continues to integrate technology into daily life, earning recognition for its progressive and future-focused initiatives.
Excellence in Infrastructure and Foreign Investment
The UAE’s success goes beyond economic performance, with notable achievements in infrastructure development. The country ranks first in the region and 18th globally in the World Economic Forum’s Travel and Tourism Development Index, which evaluates road quality, public transport efficiency, and port services. These results emphasize the UAE’s key role in global tourism and transportation, reinforcing its position as a major global hub.
Additionally, foreign direct investment (FDI) continues to pour into the UAE, with the country securing the second spot globally for new FDI projects in 2023, trailing only the United States. With 1,323 new projects, representing a 33% growth rate over the previous year, the UAE’s strong performance in attracting investment is a direct reflection of its stable regulatory framework, investment-friendly policies, and its global reputation as a business-friendly environment.
Commitment to Sustainability
The UAE’s commitment to sustainability has positioned the country as a leader in green energy and sustainable urban development. Landmark initiatives such as the Energy Strategy 2050 and the UAE Green Agenda have garnered global recognition. These efforts are focused on reducing carbon footprints while simultaneously establishing a lasting, sustainable legacy for future generations.
As the UAE continues to build on its successes, its position as a global leader in competitiveness looks set to strengthen, further establishing it as a dynamic and resilient economy in an increasingly complex global landscape.
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