labels: economy - general, world economic forum
UAE is Arab world`s most competitive economy: WEF news
12 April 2007

Dubai: The World Economic Forum says that the UAE region that has profited from a flood of investment, has become the most competitive economy in the Arab world.

According to Margareta Drzeniek Hanouz, an economist who co-authored the survey of 13 Arab states that the forum released at a two-day meeting of Arab business leaders in the neighbouring Gulf state of Qatar, the UAE ranked first because of the highly developed infrastructure, particularly air and sea ports.

"The important contributor is the efficiency in the government spending and government regulations as well as the efficiency in the labour market, due to a lot of imported labour," Hanouz added.

But the Emirates is not the most competitive economy in the Middle East; the biennial survey said the top slot was occupied by Israel, which ranks globally at the and Israel is 15th place.

Qatar is the second most competitive Arab economy followed by Kuwait. Globally, the Emirates ranks 29th, just ahead of Portugal and behind Spain.

Most Arab economies have soared in the past five years despite the war in Iraq, the Israeli-Palestinian conflict, and the brief but ferocious battle in Lebanon last year. Many Arab countries are enjoying the fastest growth rates seen for 30 years, the report said.

The World Economic Forum said Egypt, Tunisia and Oman had grown more competitive because of progress in their infrastructure, education and labour markets.

This year''s report has for the first time assessed Libya, Oman and Syria for the first time.

 


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UAE is Arab world`s most competitive economy: WEF