UAE drops 4 places in IMD global competitiveness

The United Arab Emirates has fallen to the 12th rank in the annual global competitiveness report by the Swiss-based executive business school IMD over the lower scores in the business factor.

In an e-mailed statement, the IMD said while the World Competitiveness Yearbook 2015 ranks the UAE high in the government efficiency, the fields of education, healthcare and science infrastructure in the country, a major oil supplier, have room for improvement.

The UAE, which harbors over 38 free zones in all industries, has a strong economic diversification agenda to insulate the economy from fluctuations in the hydrocarbons market, the IMD said.

However, the UAE shall manage the flow of mega-projects to protect economic volatility, accelerate regulatory and legislative reforms to support the ease of doing business and ensure better alignment of public-private partnerships in order to improve its global competitiveness profile.

The United States remains at the top of the ranking as a result of its strong business efficiency and financial sector, its innovation drive and the effectiveness of its infrastructure, it added.

The report ranks the UAE first in quality of air transport infrastructure, outweighing Singapore, the U.S., the UK, France and Germany. Endit