UAE- Analysis: Why is the Emirati economy competitive?


Why is the Emirati economy competitive? I have always asked myself this question in my attempt to explore how the UAE's economy successfully overcame the repercussions of the coronavirus (COVID-19) pandemic and will achieve a projected economic growth of 2. 5 percent in 2021 and 3. 5 percent in 2022, according to the Central Bank of the UAE. The UAE's economy stands on solid ground, being the outcome of solid foundations and acquired expertise, making it one of the most competitive and flexible economies in the region and the entire world.

The country's economy is an open one, characterised by its high purchasing power, low tax rates, full investor ownership and project management freedom, stable exchange rates and, most importantly, the wise vision of the country's leadership that supports investment and economic stability. The coronavirus pandemic has affected the entire world, and some countries suffered from serious economic deflation. However, the UAE's highly flexible economy managed to address the pandemic with professionalism and continued achieving its objectives according to a long-term vision. The ministry's strategy calls more...