6.16 AM Thursday, 28 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:53 06:06 12:12 15:35 18:12 19:26
28 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 37 °

UAE most diversified economy in Middle East

By Staff

The UAE was the most diversified economy in the Middle East, more than many of the developed countries, according to IMD World Competitiveness Centre Index.

The index ranked the emirate as the 26th most diversified economy in the world, more diversified than Norway (29), Hong Kong (30), Australia (32), Spain (45), Portugal (47), New Zealand (48), Luxembourg (51), Greece (54) and Russia (58).

IMD rated Canada just one notch above the UAE, ranking it 25th most diversified economy globally.

Official figures have showed that Abu Dhabi and Dubai have been investing billions of dollars to diversify their economies in order to diminish reliance on oil and petrochemical sectors. Both the emirates are pumping money into trade, tourism, logistics, aviation, infrastructure and banking and finance. Other smaller emirates such as RasAl Khaimh are also focused on manufacturing and tourism sectors to increase their revenues.

A recent report by Abu Dhabi’s Department of Economic Development said that the emirate’s non-oil GDP achieved notable growth, including the manufacturing sector, which grew by nearly 11 per cent in2010.

Qatar has been ranked by IMD as the second most diversified economy in the region followed by Jordan. None of the other regional countries could make into the list of top 60 most diversified countries.

IMD rated the US as the most diversified economy worldwide in Diversification of the Economy Index followed by Germany, South Korea, Taiwan, Sweden, Switzerland, the Netherlands, India, Belgium and Japan.

Household consumption expenditure IMD’s recently-released Household Consumption Expenditure Index showed UAE as the 30th largest country with expenditures totalling $176.9 billion (Dh649.22 billion) in the year 2010.

The index showed that the UAE had the highest household consumption expenditure in the Middle East region in 2010.

IMD ranked UAE ahead of major countries such as Denmark ($151.7bn), Hong Kong ($139bn), Malaysia ($114.3bn) and Singapore ($84.5bn) among others.

Globally, the US had the highest household consumption expenditure estimated at $10,349 billion followed by Japan at $3,126 billion; Germany at $1,913.4 billion; China at $1,773 billion; and UK at $1,474.7 billion.