UAE - Mubasher: The UAE has been placed among the best three global commodity trading hubs, according to the Dubai Multi Commodities Centre's (DMCC) third edition of the Future of Trade 2020 report.

The report evaluated the role of ten key trading hubs within global trade by analysing 10 indicators across three main areas, comprising locational and trading partners, commodity endowments, and institutional factors, according to a press release on Tuesday.

The report referred that the US topped the 2020 index with 61% in the overall score, driven by high scores in the institutional and commodity endowments factors. 

The UAE is only 1% point behind the US although its overall score has increased to 60% from 57% in 2018.

The UAE topped global commodity trading hubs in the commodity endowment factors with 74% due to its oil exports and natural resource rents as a share of GDP.

At the same time, the country occupied the fifth position among global trading hubs in institutional factors with 70% and sixth in the locational and trading partner factors.

Meanwhile, the UK ranked third with an overall score of 46%, led by great achievement in strong on trading and institutional factors.

The Chief Operating Officer of DMCC, Feryal Ahmadi, commented: "The UAE’s favourable position reflects a carefully curated business ecosystem with significant investment in infrastructure and technology, and a priority assigned to the ease of doing business."

Ahmadi added: "To maintain the position, the UAE will continue to innovate products, services and regulations and set the industry standard."