DUBAI --The UAE jumped five positions to rank among the world's top 10 most competitive economies for the first time in the annual rankings of the IMD World Competitiveness report 2017.

The UAE is the only Arab country to find a place among the super league of the global top 10 nations, as the reform announced by the UAE government at the beginning of 2015 seems to be paying off.

As the global progress towards the digital economy gains momentum, the UAE is leading the region's digital transformation with a host of innovative programmes to enhance its networked readiness.

Commenting on the performance of this year, Reem bint Ibrahim Al Hashemi, Minister of State for International Cooperation Affairs and Chairperson of the Federal Competitiveness and Statistics Authority, said, "Every year, the UAE demonstrates to the whole world the effectiveness and efficiency of the overall development strategy adopted by the UAE government under the vision and guidance of its wise leadership, based on investing in human development, stimulating innovation, development and continuous modernisation."

"We congratulate the UAE and its people on this feat, and thank all federal government agencies for their concerted efforts to support the UAE's global competitiveness," she said.

"The adoption of international standards and indicators to assess the performance and competitiveness of the federal and local government institutions, helps us to perform our mission of providing consultancy for the development of performance, and working with these institutions to transform proposals into plans, initiatives and strategies aimed at improving the global competitiveness of the state and achieving the UAE Vision 2021 to become one of the best countries in the world by the Golden Jubilee of the Union," said Abdullah Nasser Lootah, Director-General of the Federal Authority for Competitiveness and Statistics.

Source: Emirates News Agency