UAE - Mubasher: The UAE was placed first among the GCC countries in terms of economic diversification and 16th globally for ease of doing business.
This announcement was made in a recent report published by the UBS Global Wealth Management's Chief Investment Office, according to a press release on Sunday.
The report evaluates the opportunities in the UAE among other emerging markets in the post coronavirus (COVID-19) era.
UBS referred in its report that the COVID-19 crisis has boosted localisation, offering opportunities for emerging markets, including the UAE.
The report mentioned that geographical proximity, few barriers to trade, a diversified economic structure in manufacturing, and a skilled workforce along with digitalisation can help economies to respond to the shifting supply chains and increase localisation.
Home to a diversified range of industries, the UAE has set strategies to enhance advanced manufacturing techniques to thrive the local economy for the future, while focusing on the localisation of food production.
The Chief Investment Officer Emerging Markets at UBS Global Wealth Management, Michael Bolliger, said: "The COVID -19 crisis has made the world structurally less global, accelerating further the de-globalisation and nearshoring trends which will be affecting significantly emerging markets in the years to come."
Bolliger added: "Not all countries will be winners in this gradual shift from global to local, but the UAE has laid strong foundations to leverage on the new opportunities arising."
