UAE tops world index for 'strong and stable economy'

London: The United Arab Emirates emerged as the world's most "strong and stable economy," catapulting its position in the prestigious Global Soft Power Summit ranking. Meanwhile, Saudi Arabia garnered "stronger perceptions" following significant investments in football and tourism, while Israel experienced a setback in its soft power standing.

The latest index rankings, unveiled in London by consultancy Brand Finance, underline the impressive ascent of Gulf nations since the index's inception in 2020. For the second consecutive year, the UAE secured the 10th spot among all 193 UN members, with the United States retaining the top position.

Expressing pride in the UAE's growing global appreciation, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, attributed the achievement to the relentless efforts of government officials in nation-building endeavours.

He said, "Thousands of work teams in all fields continue day and night to achieve all of this. Our appreciation to everyone". Notably, the UAE received a perfect score of 10/10 for its "strong and stable economy," positioning it at the pinnacle of this category.

Brand Finance's chief executive, David Haigh, emphasized the paramount importance of a robust economy in shaping a nation's reputation and influence, highlighting the UAE's stellar performance in this regard. The UAE's remarkable score of 59.7 out of 100, reflecting high marks for future growth potential and generosity, signifies a notable improvement compared to the previous year.

Further, the UAE emerged as the strongest Middle East performer across five key metrics, including investment attractiveness, employment prospects, educational opportunities, tourism appeal and product desirability.

The country's successful hosting of the Cop28 climate talks last year further bolstered its international standing, putting it under the global spotlight. Meanwhile, Saudi Arabia climbed to the 18th spot, buoyed by investments in tourism and football, while Qatar and Turkey secured the 21st and 25th positions, respectively.

Analysts attributed the rising soft power of Gulf nations to strategic nation branding initiatives, diplomatic endeavours and the hosting of major international events. Amidst global conflicts and heightened international tensions, a resilient economy emerged as a key determinant of a country's brand strength, amplifying the significance of nations with robust economic foundations.

The announcement was made during the annual Global Soft Power Summit in London, attended by esteemed global leaders and public figures. The recognition reaffirms the UAE's status as a beacon of sustainable economic growth and diversification, underscoring the success of strategic decisions and effective policies implemented by its leadership in recent years.