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UAE is 16th on Financial Development Index

posted on 10/09/2008: 1591 views


The UAE ranks 16th among 52 countries in the World Economic Forum's inaugural Financial Development Index released on Tuesday.

The rankings consider several factors such as business environment, financial stability, size and depth of capital markets, and ease of access to capital.

The US came at the top of the list followed by the UK, Germany, Japan, Canada and France respectively. The UAE ranks 16th, topping the Middle East region in the index.

"This is a great achievement for the UAE in the financial sector," Hani Al Hamili, Secretary-General of the Dubai Economic Council, told Gulf News.

He added that the index included giant economies and countries with well-established financial systems, including the US and UK, as well as emerging economies.

The UAE in general and Dubai in particular have been able to leapfrog to such a status in the "shortest period of time and in high transparency," Al Hamili added.

Other regional countries included in the index are Israel at 23rd, Kuwait 26th, Saudi Arabia 27th and Bahrain 28th.

"The Financial Development Report 2008, which promotes the full potential of financial systems to drive economic growth in developing countries, provides a ranking of 52 of the world's leading financial systems through which countries can benchmark their performance and evaluate priorities for reform," the World Economic Forum said in a press statement.

The Industry Partnership Programme of the World Economic Forum, under whose auspices this work was undertaken provides a platform for companies to define and address critical issues.

The report draws data from a variety of publicly available sources as well as the World Economic Forum's Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum. – Gulf News

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