The UAE has jumped 12 places – from 28 in 2011 to 16 – in the IMD World Competitiveness Yearbook 2012, marking the greatest ranking increase among the world’s 59 most advanced countries.

Strong improvements in business efficiency, productivity and economic performance were the main drivers of the UAE’s increased rankings, said the annual report.

Continued modernisation of UAE’s business legislation, which is fundamental to the business environment and competitiveness of the country, also contributed to the increased ranking.

“We are especially pleased with this year’s results as the IMD World Competitiveness Yearbook is one of the most comprehensive annual global reports on advanced countries’ competitiveness,” said Reem Al-Hashimy, Minister of State and chairwoman of the Emirates Competitiveness Council, a UAE federal government organisation.

“The fact the greatest ranking improvements were in business efficiencies, namely productivity, management practices, and attitudes and values make these improvements all the more significant, given our peers.

“On-going government investment in infrastructure, education, knowledge industries as well as the reforms and improvements to the business environment are key pillars in the government’s strategy for better future competitiveness.

“We could not have achieved these outcomes without the collaboration of federal and local entities and government bodies working to improve the competitiveness of the country,” she added.

“We also recognize the National Bureau of Statistics in the UAE and the statistics centres in the different emirates for providing accurate data in keeping with international standards. This is significant for the IMD results which are based two-thirds on hard data and one-third on survey responses. We have been strengthening the data culture in the UAE and this has helped in international organizations accurately reflect the performance of the country,” Al-Hashimy said.

Abdullah Lootah, secretary general of the Emirates Competitiveness Council noted: “UAE’s ranking can be attributed to the successful policies and breadth of businesses which have created a highly diverse, stable, and competitive business environment across the UAE. In addition, the generally high degree of safety and security in the UAE give it a comparative advantage to other countries in the region.”

He added: “Global competitiveness rankings are a meaningful way to evaluate a country’s progress. Rankings are equally important to private sector and government.

Business uses them as a way to assesses potential for growth, investments and to attract long term talent; governments use them to evaluate policies that underpin the business environment and determine areas of legislation and procedural improvements.”

The World Competitiveness Yearbook (WCY) ranks and analyses 59 countries on the basis of over 300 criteria on how they use their resources to increase prosperity including economic growth, environmental concerns and quality of life.

In other respected competitiveness reports the UAE topped the list of Arab countries and ranked fifth globally in the World Bank’s Doing Business Report for ease of trading across borders.

Similarly it ranked first among Arab countries and 17th worldwide on the UN's recent World Happiness Report; and in UNDP’s Human Development Report the UAE ranked first in the Arab World and 30th internationally. – TradeArabia News Service