Ranked among the world’s top destinations to live and do business, the UAE has reiterated its commitment to further enhancing its international competitiveness by leveraging the importance of providing accurate and timely research information and statistics about the country’s economic and social fundamentals.
To further demonstrate the competitiveness of the UAE’s economy, the Emirates Competitiveness Council (ECC) has signed a memorandum of understanding (MoU) with the National Bureau of Statistics (NBS). His Excellency Sultan Al Mansoori, Minister of Economy and Chairman of the National Bureau of Statistics; and Her Excellency Reem Al-Hashimy, Minister of State and Chairperson of the Emirates Competitiveness Council, were present as the MoU was being signed by Abdullah Nasser Lootah, Secretary General of the Emirates Competitiveness Council, and Rashid Khamis Al Suwaidi, Director General of the National Bureau of Statistics.
The MoU provides a framework for partnership and coordination between the General Secretariat of the Emirates Competitiveness Council and the National Bureau of Statistics on areas that are relevant to the UAE’s competitiveness. It will accelerate data collection and reporting of statistics related to the nation’s social and economic performance, and ensures that the statistics presented comply with international standards.
International rankings recently released have endorsed the UAE’s competitiveness policies, strategies and services across various social and economic domains. The Global Competitiveness Report of the World Economic Forum ranked the UAE as the top Arab country in Information Technology, Enabling Trade, Financial Development and Travel & Tourism categories and in addressing Gender Gap.
The National Bureau of Statistics is the federal statistical authority mandated to centralise the country’s socio-economic indicators from different ministries and agencies, as well as emirate-level statistical agencies. Centralising such data is important in gathering UAE-level indicators that benchmark the nation’s competitiveness.
His Excellency Sultan Al Mansoori highlighted the importance of good quality national statistics for evidence-based policy making, delivering effective programmes and assessing outcomes. “The ability to provide regular and reliable data on the economy and social indicators is an important measure of good policies, and will further enable data-supported policy making that enhances national competitiveness.”
He said that the MoU is aligned with the strategic framework of NBS to provide technical support and expertise to different levels of government to improve data collection and dissemination. “We will continue to support the government entities in promoting their capacity building, by collecting and reporting on specific competitiveness-related data on economy, education, health and socio-economic well-being.”
“The MoU will play a critical role in driving the nation to achieve its Vision 2021 of becoming one of the best nations in the world, supported by strong economic and social fundamentals. This is in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and the Ruler of Dubai, to further strengthen the competitiveness of the country,” Her Excellency Reem Al-Hashimy said.
“A key parameter that enhances a country’s competitiveness is the availability of relevant and timely data that reflects strong performance of the economy and well-being of its people. This, in turn, will boost investor confidence and promote increased inward investments. Through this partnership, we will deliver international-standard statistical reports and economic trends that reflect the varied aspects of the UAE’s economy,” she added.
Underlining the need for greater cooperation among all stakeholders – both governmental and the private sector – to promote UAE’s competitiveness, Al-Hashimy said the UAE has achieved significant milestones over the past years. “The UAE ranks first regionally in the Human Development Report by the UNDP. The ranking was purely based on data submitted by countries and it proves that such rankings are made possible only if we can provide timely and accurate information.”
The strategic partnership between the Emirates Competitiveness Council and NSB will help reiterate the strong role that governmental organisations have in supporting national policies and programmes, and further boost the country’s competitiveness ranking globally.
The UAE government development plans have also significantly improved the UAE’s rankings in several international reports and indexes across different areas such as competitiveness, economic and international investment, tourism and security. UAE ranked 30th globally and 1st in the Arab World in the UNDP Human Development Index and 5th globally and 1st in Arab World in the World Bank’s Trading Across Borders pillar of the Doing Business Report.