The UAE has ranked first in 11 global competitiveness indices issued by the World Economic Forum (WEF), the World Bank Group, the European Institute of Business Administration and the International Institute for Management Development, according to the UAE’s Ministry of Finance.
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’.
Additionally, the UAE also ranked first in the ‘ease of paying taxes’ and ‘ease of doing business indices on the 2017 report issued by the World Bank Group, as well as in the WEF’s ‘effect of taxation on incentives to invest’ and ‘low tax rate (% profit’ index.
The European Institute of Business Administration and International Institute (INSEAD) ranked the UAE first in its ‘ease of paying taxes’ and several other categories in its Global Talent Competitiveness Index.
“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 the UAE government,” said His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance. “Such acknowledgments also recognise 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.”
Sheikh Hamdan also noted that the Ministry of Finance is firmly committed to achieving the goals of UAE Vision 2021.
“The Ministry of Finance has secured the protection and safety of the financial system of our nation; and building a stable, sustainable economy characterised by flexibility and diversity is a central objective of its initiatives,” he said. “Since its establishment, the ministry has built itself upon organised and directed action, accurate data, and realistic economic forecasts to develop and implement financial and monetary policies that meet the aspirations of our government, our people and that ensure a prosperous future for our children.”