Abu Dhabi – Mubasher: The UAE ranked 27th out of the 140 countries in the latest Global Competitiveness Report issued by the World Economic Forum (WEF), dropping 10 places from last year’s ranking.

The UAE topped the Arab peers in global competitiveness, followed by Saudi Arabia and Oman, which ranked 39th and 47th, respectively, the report showed.

The GCC nation also led the pack in terms of the macroeconomic stability, which is one of the important indicators for assessing the economic growth.

It is worth noting that this year’s rankings are mainly premised on new several indicators that attest to the economic growth, such as rapid technological development and the government’s efficient practices in the economic landscape amongst others.

The UAE achieved top honors in the global rankings in terms of the quality of the air transport services and its road network, labor rights, internal labor mobility, road quality, the availability of the venture capital funding.