The UAE also enhanced protection of small investors by preventing any subsidiary from obtaining shares in the parent company. It also initiated a rule that, in the case of acquisition of 50% or more of the company, the acquired party should receive approval from shareholders, a step considered by the report to be an enabling one that safeguards the interests of investors.
The UAE was ranked as the top Arab country for well-being and life satisfaction, and fifth globally, according to the Legatum Prosperity Index, 2014. The report revealed that the UAE is among the top countries for safety and security, with 92 percent of survey respondents indicating that they feel absolutely safe in the country. Additionally, the UAE has maintained its presence on the ‘green list’, a classification of some 30 of the more prosperous countries across the world. Notably, the UAE has been included on the list since the creation of the report.
The UAE will continue to diversify its long-term economic strategy to rely less on an oil-centric economy. In 2014, non-oil sectors saw strong growth that contributed to an 8.1% increase in the GDP. The non-oil sector now contributes up to 68.6% of the overall national economy. Today, all necessary plans are in place to ensure that this figure reaches 80% in 2021, by intensive investment in the industrial and tourism sectors, air and maritime transport, import and re-export. Furthermore, the new national agenda of the UAE Vision 2021 reiterates support for activities based on the knowledge industry and for the development of new sectors such as innovation and content creation. These steps will ensure complete economic diversity by 2021 and will further augment the financial stability of the UAE.
Thanks to the UAE’s tremendous efforts, the country has been ranked high on many global competitiveness indicators. According to a 2015 report by the Federal Competitiveness and Statistics Authority, the country was ranked first among Arab countries in 10 out of a total of 15 global competitiveness reports, as well as first globally in the confidence indicator.
For the third consecutive year, the UAE was ranked first regionally in global competitiveness and 12th globally according to the 2015 annual World Competitiveness Yearbook. It was also ranked first regionally among the countries of the MENA region and 12th globally in World Economic Forum’s Global Enabling Trade Report 2014. In addition, the country was ranked first globally in three global competitiveness indicators in the tourism sector alone.
At the same time, the UAE was placed first among Arab countries and 23rd internationally in the Global Information Technology Report. The UAE also came first regionally and 54th globally in the Human Capital Report, and was ranked first among Arab countries and 20th globally in the World Happiness Report.
The UAE ranked first among Arab countries in the Country Brand Index (tourism sector), and first in the Arab world and 30th globally on the prosperity index.
As part of its conviction that human capital is a pillar for development and growth, the UAE has given the human rights issue its due priority and has made great efforts in demonstrating commitment towards ensuring the well-being of its citizens and other residents.
The country has enshrined human rights in its constitution, laws and development projects. It has issued and implemented strict laws and regulations to fight human trafficking crimes, and has managed to reduce the number of these crimes substantially. The country has always stressed the importance of respecting, protecting and supporting human rights principles and basic freedoms.
