27/09/2017 06:07 AST

The UAE inched down one spot in terms of its national competitiveness, coming in as the 17th most competitive economy among 137 countries.

According to the Global Competitiveness Report for 2017 issued by the World Economic Forum (WEF), the UAE continued to lead the Arab world in terms of competitiveness, but it lost one place as “other countries post even larger gains.”

Globally, the US jumped one spot moving from third place to second, while Switzerland remained in first place and Singapore came in third place. They were followed by the Netherlands and Germany, respectively.

“Although the IMF [International Monetary Fund] predicts GDP [gross domestic product] growth to drop to 1.3 per cent this year, non-oil growth is expected to pick up, suggesting that the country’s diversification strategy is bearing fruit,” the report said.

From a regional perspective, the Middle East and North Africa improved its average performance this year, partly because the new normal of low oil prices is forcing many countries to implement new reforms to diversify their economy.

The UAE’s former ranking in 16th place was overtaken by Israel, which jumped to 16th place from 24th most competitive nation in 2016.


Gulfnews

Ticker Price Volume
QNBK 119.00 298,550
BURUJ 29.05 230,751
STC 68.80 89,280
SABIC 99.08 2,006,510
ALMARAI 52.12 318,795
PETRORABIGH 13.19 1,586,490
WALAA 29.18 238,323
Saudi insurance market faces consolidation

21/11/2017

Tightening solvency requirements are likely to drive consolidation in the Saudi Arabian insurance market in the next few years as weaker companies merge with stronger rivals, according to a Fitch Rat

Intelligent Insurer

Smart Cities, NEOM to boost GCC construction sector to $2 trillion

21/11/2017

Smart Cities and mega-projects will boost the GCC’s construction sector to $2 trillion by 2020, according to a recent report by Ken Research.

As complex mega-projects such as Expo 2020 Dub

Tahawul Tech

Bahrain to host inaugural Islamic Finance Innovation Day next month

21/11/2017

Bahrain has announced that it will host the inaugural ‘Islamic Finance Innovation Day,’ next month, bringing together scholars, executives, standard-setting bodies and support organisations to discus

Tahawul Tech

Kuwait’s heavy debt looms: Banking’s balancing act

21/11/2017

Kuwait is liquid and managing a tough situation brought about by OPEC-led production cuts. In 2018, the country will be listed by FTSE in the secondary emerging market category boosted by Kuwait’s c

AME Info

Saudi Billionaires Look for Ways to Protect Assets From Any Govt Purge

21/11/2017

Wealthy Saudis are seeking to restructure their businesses to ring fence assets in case authorities widen their declared crackdown on corruption, according to three people with knowledge of the matte

Bloomberg