29 September, 2006

Rising up to be the most competitve Economy in gulf

Dubai is making ripples in many internaional rating lists. As we all know this year it rose to be the 25th most expensive city of the world. Things don't just stop there. Khaleej Times had this article a couple of days back stating that UAE's economy has become the most competitive amongst the Gulf; 32nd in the world followed by Qatar at 38, Kuwait 44 and Bahrain 49.

The article quotes "The UAE's ranking was the same as last year, despite the changes in the competitiveness index methodology. This has been adjusted to better reflect changing trends in the global economy", which stands witness to UAE and specially Dubai's dynamism. As an SME youngtrepreneur all I can say is that Dubai has cut throat competition and an increasing divergence between established and struggling businesses. Government doesn't do much to protect you unless your sponsor is Al-Sheikh... e.g. when rents nearly killed us the 15% cap kicks in. So out of the frying pan into the fire, first they doubled the rents and when they were sky high 15% increase came in as a right issued by government. Wonder how this competitiveness shapes our lives and futures.

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