The UAE has maintained its regional lead and ranked fifth globally in global competitiveness, according to the World Competitiveness Yearbook 2019, published by the Swiss-based International Institute for Management Development (IMD).

The UAE – ranked 15th in 2016 – entered the top five for the first time, reported state news agency Wam, citing the IMD report titled ''UAE enters top five for the first time”.

The UAE now ranks first globally for business efficiency, outshining other economies in areas such as productivity, digital transformation and entrepreneurship,

The report noted that the UAE has outperformed advanced economies such as The Netherlands, Denmark and Sweden, rising 23 positions from last year's rankings.

Globally, it added, the UAE advanced two places to settle at the 5th position in the 2019 rankings while maintaining its lead in the Arabian Gulf and the Middle East and North Africa.

UAE’s strongest performance is in the following indicators: Business Efficiency (1st), Government Efficiency (2nd), and held the first five ranks globally in the following sub-indicators.

The UAE came first globally in Management Practices, second in International Trade, Productivity and Efficiency, Basic Infrastructure, Attitudes and Values and third globally in Public Finance and Tax policy.

Commenting the UAE's landmark achievements, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said: 'We entered the competitiveness race ten years ago and the UAE is now leading the region and taking the fifth ranks globally.”

“This competitiveness race has no finish line and dominance will be for those working hard, toiling and giving tirelessly. We will continue to developing our national competencies, our government services and our basic infrastructure.

“We want the best in the world for our people and residents.'' ''Our hearts are filled with passion and tolerance ..... our minds think, innovate and build .... we work together with our arms .......... our love to our nation is our driving force .... sons and daughters of Zayed deserve to be at the helm,'' he added.

The annual IMD World Competitiveness Yearbook analyses the capacity of 63 ranked countries to stimulate and sustain business competitiveness, using a composite competitiveness index based on four key factors: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure, and 20 sub-factors and 333 indicators that cover all the major areas of a nation's competitiveness in social, administrative, business economic topics.

The UAE took the lead in three factors: Government Efficiency, Business Efficiency, and Infrastructure.

Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Chairman of the Federal Competitiveness and Statistics Authority, FCSA, said: 'Every year, the UAE is making a new achievement in its journey towards global competitiveness. The UAE is today joining the club of the world's top five economies in one of the most reliable global competitiveness references.''

'We congratulate the leaders and people of the UAE for this achievement and commend the efforts of our partners in the federal and local governments for their concerted efforts that catapulted the UAE to world's top ranking,'' he added.

According to the rankings, the UAE lead globally in 42 sub-indices to join the first ten advanced economies in 144 out of 333 sub-indices as compared to 23 sub-indices in the 2018 report.

Singapore has ranked as the world’s most competitive economy for the first time since 2010, according to the IMD World Competitiveness Rankings, as the United States slipped from the top spot, while economic uncertainty took its toll on conditions in Europe.

Singapore’s rise to the top was driven by its advanced technological infrastructure, the availability of skilled labour, favourable immigration laws, and efficient ways to set up new businesses. .

Hong Kong SAR held on to second place, helped by a benign tax and business policy environment and access to business finance.

IMD World Competitiveness Centre, a research group at IMD business school in Switzerland, has been published the rankings every year since 1989. This year 63 countries are ranked.