The UAE's achievements and first-place rankings are a source of pride for the country and its citizens.
The UAE has ranked first in 11 global competitiveness indices among six different competitive reports in 2017- 2018, the Ministry of Finance said on Thursday.
The competitive reports include those issued by the World Economic Forum (WEF), the World Bank Group (WBG), the European Institute of Business Administration (INSEAD) and the International Institute for Management Development (IMD). These indices are part of the UAE Government's objectives outlined in the 'Project Number One' initiative for 2017, and are in line with the Ministry's commitment to enhance the country's competitiveness levels globally, the ministry said in a statement.
The latest recognition received by the UAE was in January when it became the only country form the Middle East to figure among the top 20 nations in the 2018 Global Talent Competitiveness Index, and remained ahead of Germany, Japan and France in the list that ranks Switzerland as the number one. The GTCI report found that Singapore and the US are in the second and third positions in terms of talent competitiveness. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, presented these achievements to the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Sheikh Hamdan stressed that these accomplishments came as a result of the vision of the wise leadership to improve the government's financial work and develop effective fiscal and monetary policies to strengthen the economic, monetary and financial structure of the nation and ensure its continued prosperity.
The UAE ranked first in three indices in the Global Competitiveness Report 2017-2018, issued by WEF, including 'Efficiency of Government Spending' index, 'Annual Inflation Rate'Index, and 'Absence of Effect of Taxation on Incentives to Invest'. The UAE also ranked first in 'Ease of Paying Taxes' and 'Ease of Doing Business' indices based on the 2017 report issued by WBG.
In the Travel & Tourism Competitiveness Report 2017 issued by WEF, the country ranked first in 'Effect of Taxation on Incentives to Invest' index, 'Low tax rate' index. The Global Innovation Index by INSEAD reported that the UAE ranked first in 'Ease of Paying Taxes', and the World Competitiveness Yearbook by IMD reported that the country came in first in the 'Collected Personal Income Tax' and 'Collected Indirect tax Revenues' and 'Consumption Tax Rate'. Additionally, UAE ranked first in 'Extent and Effect of Taxation' according to the Global Talent Competitiveness Index by Insead.
"These achievements and first-place rankings are a source of pride for our country and its citizens, emphasising the great trust international organisations have in our government. Such acknowledgment also recognises the success of the efforts exerted by the Ministry to improve the administrative structure and financial and monetary policies of the nation in accordance with the highest international standards," said Sheikh Hamdan.
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