The United Arab Emirates (UAE) has achieved the world’s second-highest economic stability ranking, supported by factors like entrepreneurial opportunities, easy access to capital, a skilled labor force, adaptability, competitiveness, and strong international trade, as indicated in a recent study. According to findings from the US News & World Reports, the UAE also boasts a per capita gross domestic product (GDP) comparable to top Western European nations and holds the title of the most competitive economy in the Arab world.
With a total GDP of $508 billion (equivalent to Dh1.86 trillion) and a per capita income of $87,729, the UAE is the second-largest economy in the Gulf Cooperation Council (GCC) region. The country has set an ambitious target of reaching Dh3 trillion by 2030 through innovative economic diversification strategies, which include embracing the Fourth Industrial Revolution, leveraging advanced technologies to enhance research capabilities, fostering future industries, and promoting foreign direct investments.
Moreover, the UAE boasts some of the world’s largest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. These entities collectively hold trillions of dirhams in assets, providing a robust financial cushion against global economic volatility.
According to the US News & World Reports, Switzerland holds the top spot as the most economically stable country, with the UAE following closely behind. Other economically stable nations on the list include Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark.
Publish Date: Tue 31 Oct 2023
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