UAE with One of The Most Competitive Economies
UAE is a middle-eastern country that in the past relied heavily on oil in order to earn money. However, that UAE we knew does not exist now and in turn, another version of UAE is back with infinite wealth and prominent progress in any field ranging from scientific to entrepreneurship and economy. All of those factors put forward above has made UAE among the most desired and dreamy places not only to travel but also to live and trade.
However, the nub of the matter is that the rank of UAE in competitiveness has improved from 15th place to its current one. According to the recent report of Khaleej Times website, this ranking about the UAE has improved year to year, and this is the third year that the competitiveness of its economy has improved.
This website has also mentioned that UAE jumped from seventh place last year to fifth position in 2019 and this success is mainly because of the improvements in Government and business efficiency in addition to technological and scientific advances.
To be more exact, the UAE has ranked 1st globally for business efficiency and management practices, and 2nd in Government efficiency, international trade, and infrastructures. It seems that the ambition of UAE has no end and its success will continue in the future.
According to Christos Cabolis, chief economist and head of operations at the competitiveness center at IMD business school, In 2019, the UAE has been among the top five with best performances in the factors like business and government efficiency. Business legislation has been a very crucial factor here. The number of days needed to operate a new business and the number of procedures required to do it can be highly effective in this field. For instance, the average number of days to start-up business has decreased between 2018 to 2019 from 8.5 to 4 days.
The most important thing to be paid attention to is that the UAE has been rated best and first in entrepreneurship and also in other fields like international experience, digital transformation of firms, redundancy costs, working hours, use of big data and analytics, relocation threat of business and resilience of economies, in comparison to others .
This country has recently issued long-term visas and permanent residency for those showing ability to be influential in improving its economy because of the fact that improving entrepreneurship in a country will absolutely affect its economy and change it for the better.
According to what has been discussed in this article, it should be said that the UAE would be one of the most successful countries in the future in terms of economy and other fields because it seems to have any skills needed for a country to succeed such as proper management, good government, and excellent business-related plans.
*writer : Maral Aryanpour