UAE

UAE climbs to 7th place in IMD World Competitiveness Ranking 2024

Dubai skyline
The UAE is now among the top 10 nations in more than 90 indicators related to competitiveness. File photo of Dubai used for illustrative purpose only.
Image Credit: WAM

Dubai: The UAE has climbed three international places to secure the seventh position in the IMD World Competitiveness Ranking 2024, issued by the World Competitiveness Centre of the Institute for Management Development (IMD) in Switzerland.

The significant rise positions the UAE among the top 10 in over 90 main and sub-indicators of global competitiveness.

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Taking to the X platform make the announcement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, expressed his appreciation for the collective efforts of work teams across all governmental, economic, and development sectors.

Sheikh Mohammed lauded their unified spirit in striving towards the common goal of elevating and progressing the UAE. He optimistically added, “the best is yet to come”.

Meanwhile, Saudi Arabia has secured the 16th position out of 67 in the ranking of the world’s most competitive countries, as stated in this year’s World Competitiveness Yearbook by IMD.

The annual report offers benchmarking services for countries and companies, providing insights into the factors that enhance company competitiveness. This year, Saudi Arabia improved by one position, largely due to advancements in business legislation and infrastructure, ranking fourth among G20 nations.

Additionally, the Kingdom has shown improvement in the business efficiency axis, advancing from 13th to 12th place. While the ranking for infrastructure remains at 34th, Saudi Arabia continues to perform strongly in terms of economic performance and government efficiency, maintaining a position within the top 20.