The United Arab Emirates is the most competitive economy in the Arab world among the countries at the third and most advanced stage of development, according to The Arab World Competitiveness Report 2007.
The report was released today by the World Economic Forum, and said the UAE is followed by Qatar and Kuwait. Among countries at the second stage of development, the report said, Tunisia and Oman are the best-performing Arab economies, while Egypt is the regional best performer in the third group of countries.
This year’s report has expanded coverage to 13 Arab economies:
- United Arab Emirates
Libya, Oman and Syria are assessed for the first time. The WEF said rankings are presented in three country groups, according to the stage of development, to enable benchmarking against peers in other parts of the world.
“Today, the Arab world is at a critical juncture," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. "Although the region’s economies are currently very dynamic and offer tremendous business opportunities, there is no doubt that improvements to national competitiveness and closer integration with the global economy and within the region are necessary if this growth momentum is to be sustained."
“The Report underscores the importance of a profound change in mindsets in order to realize the region's full potential,” said Sherif El Diwany, director, Middle East , World Economic Forum. "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. To that end, the pace at which the leaders of the region will address educational reform and the route that this reform will take are the determining factors when it comes to ushering in the productive power of Arab entrepreneurship. Diversification of Arab economies and improving business competitiveness are a direct function of education reform."
to Daily News