Why the UAE is the 7th Most Competitive Economy in the World?
In the recent global study, the UAE has now moved to the 7th most competitive economy in the world. This calls for celebration because not only did they advance three spots up to secure that position, but they also scored an impressive number one ranking in multiple factors which lead them to this ranking.
1: Global Investments
The UAE has mastered the art of attracting international investments. Moreover, they go beyond attracting foreign investments and actively seek to create an atmosphere where global companies are willing and eager to bring their funding to the shores of the UAE.
For example, the execution of the Freezones without a doubt transformed the way investors looked at Dubai. This model facilitates the relocation of foreign businesses into the city, while also collecting rent, while still being in a position of control with regards to the companies which seek to do business in the city. This overall makes it appealing for the government and also appealing to the investor.
Aside from businesses, individual real estate investors can also have a piece of the pie. With the sale of properties such as Emaar beachfront apartments, Madinat Jumeirah Living apartments, Port De La Mer apartments, Bluewaters Residences, Dubai real estate agencies have their hands full of great real estate investment options for families or individual investors looking invest in this economy. In turn, developers of the Emaar beachfront apartments also make attractive offers to garner the attention of potential buyers. Essentially, Dubai offers a perfect atmosphere for any potential investor.
2: Global trade
This is another factor which has tremendously strengthened the UAE’s overall position on the leaderboard. After all, trade counts for a whopping 30% of the GDP. Historically, the UAE relied heavily on the exchange of pearling and fishing and since the discovery of oil, it is one of the backbones by which this economy lives and thrives on.
3: Immigration Laws
The government of Dubai leaves no stone unturned to attract foreign investors with investor-friendly laws. The Govt. has introduced 10-year visas for professionals within a certain field. Specialists such as accountants, doctors and scientists to name a few would benefit from this new law. This, in turn, would create more jobs, boost the property market and would also continue to attract even more funding from foreign sources.
Even though the UAE outshined nations such as Sweden and even Canada to name a few yet it continues with its ambitious goal and dreams, one thing is for sure, they simply have no plans of slowing down anytime soon.