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Hamdan bin Mohammed: Dubai closing the gap with the world’s most competitive economies

May 12, 2018  
Saturday, May 12, 2018

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council said Dubai’s rising global rankings in a range of economic indicators show that it is closing the gap with the world’s most competitive economies according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and in pursuance of His Highness's directives to achieve top positions in various sectors.

HH Sheikh Hamdan said that Dubai's achievements in global competitiveness, especially in the ‘Economic Performance’ Pillar, have been driven by the fruitful development strategy it has adopted over the last few decades, and a genuine public-private sector partnership. His Highness also expressed his appreciation for the varied economic sectors and activities, and all those working in the UAE, citizens and residents, for their efforts in enhancing Dubai’s position among advanced economies and for its high global ranking across many indicators.

His Highness said that Dubai is an icon among the fastest growing economies in the region, and the world. Today, Dubai represents a unique experience of ambitious people and a pioneering government. His Highness also stressed that the private sector is our strategic partner in achieving the future we aspire.

Dubai ranks first in the Arab world and fourth worldwide in ‘Economic Performance’ Pillar, ahead of Canada, Japan, Singapore and Hong Kong, and all EU countries (excluding Luxembourg), according to the ‘Dubai Competitiveness Report 2018’ issued by the Switzerland-based IMD World Competitiveness Centre in co-operation with the Dubai Competitiveness Office of the Department of Economic Development (DED).

Dubai ranks first globally in both ‘Gross Domestic Savings’ (% of GDP) and ’Employment Growth’, and second in ‘Exports of Goods’ (% of GDP), low ‘Unemployment Rate’ and ‘Youth Unemployment.’ Dubai also ranks third globally in ‘Employment (%),’ ‘Exchange Rates,’ ‘Export Concentration by Partner,’ and ‘Exports of Goods Per Capita’ in addition to being fourth in terms of both ‘GDP Per Capita’ (by purchasing power parity – PPP) and ‘Tourism Receipts’ (% of GDP).

Within the Arab world, Dubai leads on several indicators such as ‘Direct Investment Flows Inward,’ ‘Forecast Inflation,’ ‘Government Consumption Expenditure–Real Growth’, ‘Export Concentration by Partner,’ and ‘Tourism Receipts’.

Competitiveness is the lifestyle and the goal is human happiness

The achievements in the field of global competitiveness are a compass to determine positions on the global economic map as well as identify strengths and weaknesses. Thus, the Dubai government is looking at competitiveness as a lifestyle and an approach towards sustainability in an ever-changing international environment.

The ‘Dubai Competitiveness Report 2018’ ranks Dubai the first globally in ‘Employment Growth’ rate and 20th in ‘Employment in the Public Sector’. Dubai is also ranked second in [low] ‘Unemployment’ rate globally especially among the youth. This is due to the efforts exerted by the Ministry of Human Resources and Emiratisation and various stakeholders in enhancing flexibility of the labour market.

The First among Arab countries in ‘Direct Investment Flows Inward’

The report shows that Dubai ranked first among Arab countries and ninth globally in ‘Direct Investment Flows Inward’ (6.42% of GDP) with a stock of $73.8 billion, ahead of the US, Australia, Canada, Germany, France and China.

The emirate also ranked second in the Arab world and 12th globally in ‘Foreign Direct Investment Abroad’ (4.51% of GDP) with a total stock of $28.8 billion.

Diversified economy

Dubai developed not because of hydrocarbons; oil and gas now account for less than two percent of Dubai’s GDP,

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