View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Wednesday, November 5, 2008

UAE in the Prosperity Stakes According to Legatum Prosperity Index 2008

The Legatum Prosperity Index for 2008 has the UAE ranked among the top Arab countries in the world, the most prosperous GCC country and the second most prosperous country in the Middle East.

The Emirates ranks 28th among the 104 countries surveyed.

The Legatum Prosperity Index goes beyond GDP in its measurement of national prosperity and defines prosperity as material wealth coupled with quality of life.

UAE Ranking
The United Arab Emirates ranks at 28th, sandwiched in the Index between Chile and Malaysia. The Emirates’ Comparative Liveability (20th) rank is higher than Economic Competitiveness (39th), buoyed by excellent scores on indicators such as health and freedom of choice.

This federation of seven Middle Eastern emirates has large reserves of natural gas and oil and is currently one of the fastest-growing economies in the world. Its largest cities, Dubai and Abu Dhabi, are diversifying away from energy to become major tourist destinations and financial centres, and are also experiencing a construction boom. However, rising rent, fuel, and food prices contributed to inflation of around 11% in 2007, and in the last two years there have been strikes among Dubai’s immigrant workers over poor pay and conditions.

UAE Overview
Much as in neighbouring Kuwait and Saudi Arabia, oil wealth has transformed this consortium of desert principalities into a modern state with a high standard of living. Economic diversification has reduced dependence and dampened the shocks of oil price fluctuations, yet nearly 40% of GDP is still directly based on oil and gas output.

Check out the information about oil wealth, governance, government initiatives, foreign investment, income levels, immigration issues and climate.

Scores on Various Indicators
The report offers extensive information on how the UAE and other countries have polled in this index on indicators of economic competitiveness and comparative liveability.

2008 Report
To download the report in a PDF file.

To view the report as an eBook.

Source: The 2008 Legatum Prosperity Index and Report.

Dr Geoff Pound