The UAE has once again retained its spot as the most prosperous country in the Mena region, and remains ranked among the most prosperous nations in the world.
The London-based think tank Legatum Institute’s Prosperity Index 2016 ranks the UAE first in the Middle East and North Africa (Mena) region and 41st globally (out of a total 149 countries ranked), down from No. 30 in 2015 rankings owing to weaker global oil prices.
The UAE has long looked to the Organisation for Economic Co-operation and Development (OECD), not its Gulf neighbours, as a target peer group, says the Institute in its report.
Ranked at No. 46 globally, GCC peer Qatar follows the UAE on the prosperity rankings while Bahrain is ranked at #67, and Oman and Kuwait at #70 and #71, respectively. Saudi Arabia is ranked at #85.
= UAE races ahead =
The Index shows that the UAE has reached this target, making the biggest absolute prosperity gain over the past decade to sit at the top of Mena’s prosperity rankings.
According to the report, the UAE’s success has largely been driven by reforms to open and diversify the economy.
“Now, after almost erasing the gaps in Economic Quality and Business Environment, the UAE has a smaller overall prosperity deficit than any of the other Gulf states,” it states.
In fact, the report highlights that the UAE in fact “straddles its traditional Gulf peers and the rest of the developed world” in delivering prosperity.
It states that “a concerted effort by policymakers to seek international best practice has sparked further market liberalisation and a much improved business environment that have helped to close the UAE’s prosperity deficit”…see more