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While prices and ROI rates are crucial in making investment decisions, it's also essential to consider a spectrum of other factors that shape the market. Interest in economic stability, ongoing reforms, support programs for investors and businesses, current tax policies, and development prospects is vital. To address these questions regarding the United Arab Emirates, we suggest looking at the recent "global power" ranking prepared by Brand Finance. Summing up everything described below, the report highlights the UAE's emergence as a significant economic and political force on a global scale.
Content:
- UAE among the leaders in the "soft power" ranking
- The economic foundation of "soft power"
- Humanitarian role and scientific development
- Working on the image and the role of the real estate market
UAE among the leaders in the "soft power" ranking
For the second consecutive year, the UAE has been among the leaders in the "soft power" ranking, also being the only country from the Persian Gulf listed. Over 170,000 people were surveyed to determine the ranking, evaluating the "soft power" capabilities among 193 UN member states based on the ability to influence actions and behavior on the international stage through persuasion, not coercion.
The economic foundation of "soft power"
The UAE gradually moved towards leadership by reforming, diversifying its economy, attracting foreign investments, including through a strong real estate market, thus becoming leaders in the "Strong and Stable Economy" index. The country is considered a good example of stable and sustainable development amid a global crisis, successfully reducing its dependency on oil and gas exports and developing its financial and technological sectors, tourism, renewable energy, and construction.
Diversification is the future's foundation
Over the last decade, UAE authorities have consistently pursued an economic diversification policy to protect local production and markets from oil and gas price fluctuations. Despite a decrease in global international trade volume, the UAE's non-oil economy segment showed impressive growth in 2023, earning a record 953 billion dollars. Thanks to this, the UAE ranked 3rd in the "Future Development Potential" rating.
Attractiveness to foreign business
The UAE's positive international image is significantly reinforced by its active media presence, linked to substantial international business interest in the local economy. For many large companies and private investors, the UAE has been a support over recent years, ranking 10th in the "Role in Business and Trade" indicator. The country is also noted for its role in developing green technologies, ecological production, and investments.
Humanitarian role and scientific development
The UAE shows significant success in addressing global challenges, aided by substantial investments in the technology sector, especially AI and fintech, education, science, and innovation fields. The UAE also stood out for its active role in legislative reforms, responding to current situations. Internationally, the Emirates are gaining more significance through active diplomacy, especially amid the situation between Russia and Ukraine. The UAE ranks 8th in both "Diplomatic Influence" and "Leadership in Technology and Innovation."
Life safety
Thanks to the development in the above-mentioned areas, the country has achieved high indicators in cyber security, healthcare, and social protection, ranking 9th in the "Safety and Reliability" global rating. The UAE also took two 9th places in the "Ecological Cities and Transport" and "Investments in Green Energy and Technology" rankings, known for its high living standards and keen interest in developing population well-being indicators. The country is also renowned for its developed and efficient law enforcement system.
Working on the image and the role of the real estate market
In total, 55 primary and secondary indicators were used to determine the UAE's place in the rankings, including the investment climate, the state of goods and services markets, labor market, and cost of living. The country's image is high, but authorities continue to work on its development tirelessly. One of the key tools for popularizing the UAE is the real estate market, primarily large infrastructure and attention-grabbing megastructures. Several such are expected to enter the country's market in 2024, including the artificial island Palm Jebel Ali, Dubai Creek Tower, which is set to break Burj Khalifa's height record, and the Dubai Reefs project to restore marine ecosystems.
