ABU DHABI, 10th February, 2018 (WAM) — The UAE has proved its prowess once again by ranking first in as many as 11 global competitiveness indices among six different competitive reports between 2017- 2018, issued by the prestigious World Economic Forum (WEF), World Bank Group (WBG), European Institute of Business Administration (INSEAD) and the International Institute for Management Development (IMD), The Gulf Today said in an editorial on Saturday.
“This is a matter of great pride for the citizens and residents of the country and certainly reflects the strength of visionary leadership. These indices are part of the UAE government’s objectives outlined in the ‘Project Number One’ initiative for 2017 and effectively enhance the country’s competitiveness levels globally.
“According to the UAE Vision 2021 plan, the creation and maintaining of a sustainable and diversified economy is a key component of future planning, and progress has continued to be made towards that objective. The intention is that, by 2021, the UAE will have an economy that is flexible in adopting new economic models and that is able to capitalise on global economic partnerships to guarantee long-term prosperity for current and future generations of Emiratis,” the English language daily added.
“As H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, points out, these achievements and first place rankings are a source of pride for our country and reflect the great trust international organisations have in the UAE government. What is exhilarating is that varied sectors have scored the highest marks.
“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 and Tourism Competitiveness Report 2017 – issued by WEF – the country ranked first in ‘Effect of Taxation on Incentives to Invest’ index, ‘Low tax rate (% profit)’ 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’. The country also ranked first in ‘Extent and Effect of Taxation’ according to the Global Talent Competitiveness Index by INSEAD,” the paper continued.
The Sharjah-based daily concluded, “All federal and local governments undoubtedly deserve praise for the efforts exerted to work towards a unified vision.”