Yellow Bus on Road Near City Buildings. Representational Image.
Yellow Bus on Road Near City Buildings. Representational Image. Max Avans/

The United Arab Emirates (UAE) climbed three ranks up, achieving 7th place worldwide in the 2024 World Competitiveness Report. The Middle Eastern country has surpassed Norway, Iceland, Japan, Canada and Finland with the new ranking.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai credited President Sheikh Mohamed bin Zayed Al Nahyan for his efforts to improve each year, achieving higher ranks across various global competitiveness indicators.

"In one of the most important global competitiveness reports issued by the International Institute for Management Development in Switzerland, the UAE moved up three places, reaching seventh place globally," the prime minister said, WAM reported.

"The UAE is also among the top ten globally in more than 90 key and sub-indicators in the 2024 World Competitiveness Report. Our thanks and appreciation go to all the teams in the government, economic, and development sectors who work with one spirit to achieve a single goal: the progress of the United Arab Emirates," he added.

The UAE performed well in several other sections of the report, including Economic Performance, where the country ranked 2nd worldwide, 4th in Government Efficiency, and 10th in Business Efficiency.

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, noted that the country's continuous presence in the top 10 of this report's various pillars reflects the UAE as one of the world's most competitive economies.

He went on to praise Al Nahyan for his exceptional vision and wise leadership alongside Al Maktoum for making the UAE a pioneering developmental model adaptable to ongoing global changes.

Al Gergawi stressed that these rankings demonstrate "the efficiency of the UAE government system, the flexibility of its business environment, and the readiness of its infrastructure."

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre, commended the integration and governance of real-time data alongside the statistics exchange between federal and local entities that helped the country to rank in the top 10.

"This achievement is due to dedicated teams committed to implementing the vision and directives of the government of the future, reinforcing the UAE's leadership. These results reflect the solid principles of the competitiveness culture in the UAE," Ahli said.

The World Competitiveness Report ranks countries based on four main pillars and 20 sub-pillars, covering 336 indicators in areas like government efficiency, education, and innovation. This year, the UAE improved in all four main pillars.