Policies, freedom, quality of life: UAE tops ‘most prestigious countries’ list

Global survey respondents have helped prepare a list of the “most prestigious countries”, ruled by the UAE in the Middle East, according to US News & World Report, 2023. The ranking takes into account a number of factors. Check out the methodology here.

Calling Oman and Saudi Arabia as its neighbours, the UAE is a federation of seven emirates. Six of these states merged in 1971 to form the nation and a seventh one joined the next year. Lately, the Gulf state has been setting milestones and substantially diversifying its economy.

Prior to the discovery of oil, the UAE’s economy primarily depended on fishing and a pearl industry. But as oil exports started in the 1960s, its economy rapidly transformed. Today, the UAE’s per capita GDP is comparable to some of the leading European nations.

UAE elevating quality of life for all, records tourism boost

The UAE is one of the Gulf region’s most liberal countries, featuring a constitution that paves the way for freedom of religion. It is a member of the United Nations (UN), Organisation of the Petroleum Exporting Countries (OPEC) and several other international organisations.

Furthermore, the Emirates has Dubai and its capital Abu Dhabi, both cities that continue to lure millions of tourists every year. Dubai has transformed into a regional business hub over the years. It is home to sleek skyscrapers and the tallest building on the planet, Burj Khalifa.

The Spectator Index took to X earlier this month to announce the “best cities for tourists” list (as per Mori Memorial Foundation). Dubai occupies the fourth position on that list, just preceded by London, UK; Tokyo, Japan and Paris, France.

Dubai noted a record-breaking year for tourism in 2023 as it registered 17 million international visits last year. It also marked one of the highest hotel occupancy rates of 77.4%. The figures support the objectives of the Dubai Economic Agenda D33.

Its leadership seeks to turn Dubai into one of the top three global cities. In response to the sizeable tourist numbers, the city has also approved designs to build the largest airport globally soon. The construction is expected to demand Dh128 billion.

UAE’s investor-friendly policies

In terms of economic diversification, the UAE ranked as the third-largest foreign direct investment market in terms of project activity in 2023, moving up a spot from the previous year, according to the latest report by data and analytics company GlobalData.

The UAE attracted $23 billion of FDI in 1,277 projects spanning key sectors such as business and professional services, software and IT services and financial services. It has been possible due to the country’s investor-friendly policies.