UAE proves its preparedness internationally in the face of unavoidable economic or political pitfalls
UAE is officially the frontrunner of readiness in the Middle East when it comes to being prepared when dealing with unpleasant changes; be it economic recession, political turmoil or long-lasting factors, such as demographics and technology.
According to KPMG’s Change Readiness Index 2015, UAE has placed fifth in global readiness; leaving behind economic superpowers, such as the United States, Japan, and the United Kingdom. The countries placing from first to fourth are- Asian powerhouse, Singapore; epitome of good governance, Switzerland; controversial territory, Hong Kong; and yet another European welfare state, Norway.
It is to be mentioned that among the top five, the UAE has emerged in this prestigious list as the only Arab country, while Qatar has made it to the top ten by securing the seventh place.
The KPMG Index has been calculated in collaboration with Oxford Economics. 127 nations have been rated after careful analysis of their capacity to tackle and respond to catastrophes, such as political unrest, natural calamities, and economic downfall.
The factors taken into consideration by the researchers include environment of business, access to information technology, capacity of finance, security, regulation, etc., of all 127 countries under scrutiny.
Securing impressive ratings, the UAE placed 3rd in the world in economic freedom, 4th in business friendly environment, in infrastructure development, and technology, 5th in its labor market, and 9th in the diversification of economy.
The Market Head of KPMG Lower Gulf, Mr. Vikas Papriwal, remarked that the non-oil sector of the country has seen rapid development owing to the government initiatives that helped enhance both public and private sectors.
Earlier in 2014, Sheikh Mohammad Bin Rashid Al Maktoum had termed 2014 as the strongest economic year of the country.
His Highness noted that by predicting the recent state of the international economy, the UAE has formulated certain pragmatic economic policies which helped in preparing and managing a wide range of economic variables.
With great enthusiasm and pride, His Highness stated in a press release dated 20th June, “Our economic foundation today has been diversified and strengthened like never before. Hence, we have profound confidence in the financial environment, economic stability, and the necessary expertise in tackling a wide range of unforeseen events. We are optimistic about the challenges of the future and the massive projects that are in the pipeline.”