The UAE has been ranked the eighth-most competitive nation in the world - and first in terms of government efficiency.
The ranking in the 25th World Competitiveness Yearbook is the highest the country has achieved and puts it ahead of all other nations in the Middle East and North Africa. Qatar is next, in tenth place.
Issued by Switzerland's International Institute of Management Development (IMD), the report ranks the United States as most competitive, followed by Switzerland and Hong Kong.
The yearbook measures countries' abilities to create wealth through four key factors: economic performance, government efficiency, business efficiency and infrastructure.
The UAE's high ranking is partly due to its strong showing in the government efficiency category, where it came first out of all 60 nations surveyed.
Government efficiency was measured on a variety of factors, including public finance, fiscal policy, institutional framework, business legislation and social framework.
These subcategories take into account a range of statistics, from the Government's budget surplus or deficit to gender equality.
Information for the yearbook is gathered from international bodies, private companies and national sources such as the Emirates Competitiveness Council. Surveys are also conducted, targeting middle to upper management executives.
Prof Stephane Garelli, director of the IMD World Competitiveness Centre, said growth was a prerequisite for competitiveness.
"Countries need to preserve social cohesion to deliver prosperity," Prof Garelli said.
Sheikh Khalifa, the President, said: "Our country is the first in the world in government efficiency, first in the world in social cohesion, first in the world in values and attitudes, fifth in employment and sixth in business practices, not to mention its advanced position in 19 other indices, rendering the UAE among the world's top 10 in global competitiveness."
Sheikh Khalifa also said ranking first in government efficiency was a testimony to the ability and efforts of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to "spark the national energies, develop government work and upgrade government performance".
Sheikh Mohammed said: "Led by the President, the UAE people work together as one team.
"From Al Sila'a to Fujairah, the President cares about every single citizen and he is building a bright future for our entire nation.
"This accomplishment is the fruit of labour of thousands of teams, in both federal and local government departments across the entire UAE, and constitutes a very clear message to the world that the UAE people will settle with nothing less than being number one." – The National
Read more: http://www.thenational.ae/news/uae-news/uae-ranked-eighth-most-competitive-nation-in-the-world#ixzz2XIQLkZKl
Follow us: @TheNationalUAE on Twitter | thenational.ae on Facebook