(MENAFN- Khaleej Times) Compared to other countries in region, UAE performs above average in every single pillar The UAE leads the Middle East and North Africa region in global talent competitiveness ranking (GTCI).
While globally the UAE's ranking in the GTCI list of 118 countries is 19th, the nation ranks in the top five countries in attracting talents and in the top 15 in enabling and retaining, as well as in providing vocational and technical skills.
The UAE has an index score of 62.49, the highest in the Mena region, according to the latest edition of the Middle East and North Africa Talent Competitiveness Index (MTCI), a study ranking countries in the region based on their ability to attract, grow and retain talent, released by Insead Business School, Google and the Centre for Economic Growth.
When compared to other countries in its region, the UAE performs above average in every single pillar, said the report.
Switzerland topped the overall index, followed by Singapore and the UK in second and third places, respectively. Others in the top 10 include the United States (fourth), Sweden (fifth), Australia (sixth), Luxembourg (seventh), Denmark (eighth), Finland (ninth) and Norway (10th).
The top 10 global cities in terms of talent competitiveness include Zurich, Helsinki, San Francisco, Gothenburg, Madrid, Paris, Los Angeles, Eindhoven and Dublin.
While Qatar is ranked second in the region with an index score of 61.09, Saudi Arabia and Bahrain are ranked fifth and sixth with index scores of 50.36 and 48.7, respectively. The Mena countries were ranked based on the level of readiness for the future of work: well-positioned (the UAE, Qatar and Saudi Arabia, Bahrain); mixed readiness (Kuwait and Jordan); less well-positioned (Oman, Lebanon and Tunisia) and low readiness (Egypt, Morocco and Algeria).
The MTCI provides an in-depth look at Arab countries' performance and lists a series of recommendations that would help improve their ranking, with investment in education and digital skills at the forefront. Embracing technology, enabling SMEs and providing affordable and high-quality access to the Internet were also one of the key recommendations that were found to improve talent competitiveness on a global and regional scale.
Dr Bruno Lanvin, executive director for global indices at Insead, said from a demographic point of view, the Mena region is younger than the rest of the world, which is both a blessing and a challenge.
"On one hand there is energy, creativity and ambition in the new generation; on the other hand creating enough jobs for them is an urgent necessity. Technology is a critical dimension of this challenge as the jobs of the future need to be thought of in areas such as artificial intelligence, virtual and augmented reality, and life-long continuous upskilling. Now is the time for governments and business in Mena to implement the required policies to take advantage of the opportunities at hand to support entrepreneurship, competitiveness and innovation across the whole region."
A recent 'State of Digital Investment in Mena 2013-2016' shows that the UAE has led the Mena in attracting investments into digital entrepreneurship.
Abdul Baset Al Janahi, CEO of Dubai SME said while launching the report at the ArabNet Digital Summit 2017 in Dubai that the report reflected the overall strategic focus of the UAE, particularly Dubai, on supporting innovation and investments in digital economy as well as in promoting the country as the preferred choice of Arab entrepreneurs and investors.
For the fourth year in a row, the UAE remains the region's tech startup hub, home to about one-third (33 per cent) of all Mena investors; with the number of venture capitalists (19) being highest in the region.
"The Middle East and North Africa has immense potential in its talent and young population. Major factors such as embracing technology, enabling the SME ecosystem to thrive, and providing equal access and connectivity, are key ingredients that would help Arab countries leverage the fourth industrial revolution with the many opportunities that lie within the region," said Selim Edd, head of public policy at Google Mena.
Patricia McCall, executive director at the Centre for Economic Growth, said with the highest youth unemployment rates in the world, our region's biggest economic challenge is the creation of productive and sustainable jobs for our youth.
"A key requirement will therefore be developing the talent of the next generation to be competitive for the global economy. This important report enables leaders from the public and private sector to take the targeted actions required in order to achieve this strategic goal."
The Mena region has invested considerably in education to improve competitiveness, with an average spend equal to 18 per cent of total government spending (versus a global average of 14 per cent).
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Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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