World Economic Forum: UAE economy is most competitive in the Arab world
The economy of the United Arab Emirates (UAE) is the most competitive in the Arab world, according to a new report from the World Economic Forum.
With the UAE's economy now ranked at number 29 out of the 40 most advanced economies, the forum's report praised the country's strong public institutions and economic stability.
Qatar and Kuwait followed the UAE as the region's strongly performing advanced economies, while Tunisia and Oman were also highlighted from the less well-developed economies.
Sherif El Diwany, Middle East director of the World Economic Forum, explained that the report shows that although significant economic progress has been made in many countries, education systems must still be reformed in order to take full advantage.
He said: "Entrepreneurship, an element that is often cited as the key to unlocking the potential of the Arab economies, can only take root in societies where freedom of thought, enthusiasm for inquiry and critical thinking are popular values."
The report also suggested that the UAE should cut the amount of red tape to improve market competitiveness.
Recently, Dubai World, a company run by the UAE state, claimed that the iron and steel trade grew by nearly a third during 2006 thanks to a "massive construction boom" in the region.
< Back to latest news