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UAE Freezones Biz News Updates
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UAE leads Arab world in global competitiveness
The WEF said Bahrain, Oman and the UAE had made notable gains in
competitiveness over the last decade
The UAE leads the Arab world in global competitiveness after making gains
over the last decade, according to a report produced by the World Economic
Forum (WEF) in collaboration with the world bank.
The organisation said Bahrain, Oman and the UAE had made notable gains in
competitiveness over the last decade while Morocco, Algeria and Lebanon had
seen their competitiveness erode.
Generally speaking, resource rich countries like the Gulf Cooperation
Council members ranked much higher on the WEF Arab Competitiveness Index
than resource-poor ones although the organisation noted that the region as a
whole had generally suffered from declines in oil prices in recent years.
In terms of global competitiveness, the UAE was ranked 17th, followed by
Qatar in 25th, Saudi Arabia in 30th, Bahrain in 44th, Kuwait in 52nd and
Oman in 62nd.
Among the trends noted in the latest report were rising concerns about cyber
attacks, with half of survey respondents concerned by the trend in the UAE
this year compared to 30 per cent last year.
Large increases in data fraud concern were also noted in the UAE, Bahrain
and Saudi Arabia.
The WEF said that diversification away from natural resources, increasing
the role of the private sector, ensuring opportunities for young people and
preparing for the fourth industrial revolution were key challenges in the
Arab region.
“Overall, the analysis of the competitiveness strengths and weaknesses of
the region compared with OECD countries shows today that innovation,
technological readiness, higher education and training, and labour market
efficiency are the four areas where the region is lagging furthest behind
advanced economies. The region will need to invest in its people,” the WEF
said.
The survey accompanying the report revealed the most problematic factors for
doing business in the UAE ranked by executives included access to financing
(17 per cent), inflation (14.4 per cent), inadequately educated workforce
(14 per cent) restrictive labour regulations (12.6 per cent) and poor work
ethic in national labour force (8.6 per cent).
In Saudi Arabia the main concerns were restrictive labour regulations (20
per cent), access to financing (13 per cent), inadequately educated
workforce (11.1 per cent), policy instability (7.7 per cent) and tax rates
(7.3 per cent).
August 15, 2018 |
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Courtesy Gulf Business
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