Dubai ranks 1st in the Arab world and 4th globally in the ‘Economic Performance’ Pillar, according to the ‘Dubai Competitiveness Report 2018’ issued by the Switzerland-based IMD World Competitiveness Center and the Dubai Competitiveness Office of the Department of Economic Development. Dubai is ahead of Canada, Japan, Singapore and Hong Kong and European Union countries except for Luxembourg and has become an icon among the fastest growing economies in the region and the world.
The emirate is closing the gap with the world’s most competitive economies in line with the vision of Sheikh Mohammed bin Rashid, the UAE Vice President and Ruler of Dubai. Dubai ranked 1st among Arab nations and 9th globally in direct investment flows inward at 6.42 percent of the GDP and ranked 2nd in the Arab world and 12th globally in foreign direct investment abroad at 4.51 percent of the GDP. The emirate placed 1st globally in both gross domestic savings and employment growth, and 2nd in the export of goods, low unemployment rate and youth unemployment.