Latest news with #SoftPowerIndex
Khaleej Times
06-03-2025
- Business
- Khaleej Times
UAE's GDP growth rate on track to achieve 2031 vision
The UAE recorded a robust 3.8 per cent economic expansion in the first nine months of 2023, powered by a dynamic non-oil sector that now accounts for nearly 75 per cent of the nation's GDP, officials announced this week. The growth underscores the UAE's accelerating diversification efforts as it eyes a 5–6 per cent GDP surge in 2025 and cements its position as a global hub for innovation, trade, and investment. Real gross domestic product (GDP) for the nine-month period ending September 2023 climbed to Dh1.32 trillion ($359 billion), with the non-oil economy rising by 4.5 per cent annually to Dh987 billion ($269 billion). The oil sector, meanwhile, contributed 25 per cent to the GDP, reflecting the UAE's strategic success in reducing reliance on hydrocarbons. Abdullah bin Touq Al Marri, UAE Minister of Economy, attributed the sustained growth to the country's 'forward-thinking economic policies,' including streamlined business regulations, global trade partnerships, and targeted investments in technology, renewable energy, logistics, and financial services. 'Our national economy's resilience reaffirms the effectiveness of our strategies to prioritise flexibility, competitiveness, and openness to global markets,' he said. Al Marri highlighted that the UAE's GDP growth averaged 4.8 per cent between 2021 and 2024, while non-oil GDP growth outpaced this at 6.2 per cent annually. These gains align with the 'We the UAE 2031' vision, which seeks to raise the nation's GDP to Dh3 trillion ($817 billion) by 2031 and position it as a leader in emerging sectors like the circular economy, space tech, and artificial intelligence. 'The UAE's ability to sustain growth amid global uncertainties demonstrates its readiness to embrace new economic models and partnerships,' Al Marri added, pointing to recent bilateral trade deals with India, Turkey, and Indonesia, as well as foreign direct investment (FDI) inflows that topped $23 billion in 2023. According to KPMG, the UAE is poised to remain the fastest-growing economy in the Gulf Cooperation Council (GCC) through 2025, buoyed by its capacity to ramp up oil production ahead of Opec+ peers and a thriving non-oil private sector. The consultancy projects GDP growth to leap from 3.8 per cent in 2023 to 6.7 per cent in 2025, outpacing regional neighbours. The UAE's economic strides are mirrored in its ascent on global indices. It ranked 10th in the 2023 Soft Power Index, reflecting its cultural, diplomatic, and business influence. Abu Dhabi and Dubai dominated Numbeo's 2024 Safety Index, clinching first and fourth places globally, while the UAE itself ranked third worldwide for safety in the Gitnux Marketdata Report. The 2024 World Competitiveness Report saw the UAE jump three spots to seventh globally, surpassing Canada, Japan, and Finland. The nation ranked first in employment rates, Internet penetration, and industrial dispute resolution, and second in tourism revenue and bureaucratic efficiency. For the third consecutive year, the UAE is set to welcome the world's highest influx of affluent migrants, with 6,700 millionaires expected to relocate by end-2024, according to Henley & Partners. This surpasses the US, Singapore, and Canada, with British nationals forming the largest cohort. Analysts tie this trend to the UAE's tax incentives, luxury infrastructure, and stable governance. 'High-net-worth individuals are drawn to the UAE's business-friendly policies, safety, and connectivity,' said Dominic Volek, Henley's group head of private clients. 'Their investments are bolstering sectors like real estate, fintech, and sustainable energy.' Looking ahead, the UAE aims to leverage its COP28 legacy to amplify green investments. Projects like the Abu Dhabi National Oil Company's (Adnoc) $23 billion decarbonisation plan and Dubai's $8.2 trillion Dubai Economic Agenda (D33) emphasize renewable energy and smart technologies.
Shafaq News
21-02-2025
- Business
- Shafaq News
2025 soft power index: Iraq ranks 98th globally
Shafaq News/ Iraq ranked 98th globally and 12th among Arab countries in the 2025 Soft Power Index, while the United Arab Emirates secured a spot within the top 10. The Soft Power Index evaluates 55 indicators, including economics, trade, international relations, science and education, culture and heritage, justice, media, sustainability, future growth opportunities, generosity, technology and innovation, space exploration, tourism, and labor. The index, which ranks 193 countries, is topped by the United States, followed by China, the United Kingdom, Japan, Germany, France, Canada, Switzerland, and Italy. Among Arab nations, the UAE ranked 10th globally, excelling in future growth opportunities (4th), generosity (4th), and economic strength (7th). The rankings of other Arab nations are as follows: Saudi Arabia (20), Qatar (22), Egypt (38), Kuwait (40), Oman (49), Morocco (50), Bahrain (51), Jordan (58), Algeria (78), Tunisia (79), Lebanon (91), Iraq (98), Yemen (122), Syria (127), Libya (133), Sudan (142), Mauritania (150), Comoros (167), Djibouti (177), Somalia (181).
Arab News
21-02-2025
- Business
- Arab News
Regional conflicts dent Middle East performance in 2025 Soft Power Index
LONDON: Regional conflicts have negatively impacted the performance of Middle Eastern countries in this year's Soft Power Index, according to findings by brand and marketing consultancy Brand Finance. The 2025 results, unveiled at the annual conference in London on Thursday, revealed significant declines for nations embroiled in conflicts — including Israel, Lebanon, Sudan, Ukraine, and Russia — dragging down much of the broader region's performance. Despite the UAE maintaining its 10th-place ranking with a modest 0.7-point increase, other Middle Eastern countries, including Saudi Arabia, Qatar, and Israel, saw stagnation or setbacks after years of steady gains. 'After years of soft power gains, Gulf nations somewhat lose momentum in 2025, with the exception of the UAE,' said Andrew Campbell, managing director at Brand Finance Middle East. 'While they remain admired for their influence and business-friendly policies, respondents from the wider Middle East, Africa, and Asia view the region less favorably than before.' The index, which Brand Finance calls the 'most comprehensive study on perceptions of nation brands,' surveyed 170,000 respondents across more than 100 markets. Saudi Arabia, which had been one of the fastest climbers in recent years, slipped two places to 20th after rising eight spots since 2020. While the Kingdom stalled in key metrics such as familiarity, influence, and reputation, it continued to make strides in perception-based categories. Among these, Saudi Arabia showed a 0.7-point increase (out of 10) in education and science — an area highlighted by the King Faisal Specialist Hospital and Research Center's recognition as one of the world's top academic medical centers in a separate Brand Finance report earlier this year. Soft power, a term coined by American political scientist Joseph Nye in the 1990s, refers to a nation's ability to achieve influence through persuasion rather than coercion or financial incentives. It has been central to Saudi Arabia's Vision 2030 strategy, with significant investments across various industries propelling its growth in the rankings in recent years. This aligns with the Kingdom's broader aspirations to diversify its economy, attract foreign investment and talent, and solidify its position on the global stage. While many Gulf nations experienced setbacks, the UAE remained largely resilient. Retaining 10th place overall, the country scored highly in perceptions of influence (eighth), international relations (ninth), and business and trade (10th). The UAE also climbed to second place globally for being 'easy to do business in and with' and ranked in the top 10 for 'future growth potential' and 'strong and stable economy.' This was driven by fiscal strength, a positive investment climate, and continued economic diversification. Campbell noted that while the region has made steady gains in recent years, the latest index reflects a 'shift in sentiment in the wider Middle East and in Asia towards Saudi Arabia and the UAE,' leading to a leveling off in their performance. Former US Secretary of State John Kerry with the Chairman of Brand Finance David Haigh. (Brand Finance/File) Speaking to Arab News, he said that although the survey measures perception rather than the direct causes behind it, 'part of it is to do with the conflict in Gaza' and the 'strong sentiments' the Palestinian cause evokes throughout the region. 'I think that sentiment is somewhat driven by that deep Arab feeling of, 'We have to protect and be aligned with the Palestinians,'' he explained. 'So, there's probably some kind of internal conflict of feeling going on. And then we've also got the Iran situation relative to Syria and the Houthis. That whole dynamic in the Middle East has always been complicated, but it's now complicated and explosive.' Campbell linked this shift in perception to the Abraham Accords signed by the UAE during Donald Trump's first presidency. The survey was conducted between September and November, meaning major developments — such as the ceasefire in Lebanon, the end of the Assad regime in Syria, and the Gaza truce — have yet to be fully absorbed into the index. The rapidly evolving situation in the region and other active conflict areas was a key focus at Thursday's summit. Speakers, including former Polish President and Nobel Peace Prize Laureate Lech Walesa, former US Secretary of State John Kerry, and former Finnish Prime Minister Sanna Marin, underscored the resurgence of hard power — military and economic coercion — as a defining factor in how nations are perceived on the global stage. Michael Clarke, distinguished fellow and former director-general of the defense and security think tank Royal United Services Institute, told Arab News that contrary to popular belief, 'soft and hard power are not a seesaw where one goes up and the other goes down. They tend to go up or down together.' He stressed that while 'we are seeing much greater emphasis on hard power politics,' nations should not overlook the role of soft power. He argued that, as the world moves into an era of 'new imperialism, soft power will go with that,' noting that hard power is most effective when complemented by soft power. Countries with strong military capabilities, he added, often 'spend most of their time not fighting' because their influence stems from imitation and strategic deterrence — key elements of real soft power. Highlighting Israel's performance over the past two years, Clarke pointed to its military failures in Gaza as an example of how the misuse of hard power can erode soft power. He noted that Israel's actions, perceived as lacking moral legitimacy, are seen as 'intolerable to most other professional militaries' that integrate hard power into their broader strategic influence. Looking ahead, Clarke said the long-term geopolitical impact of Israel's recent actions remains uncertain, particularly as Trump's second term begins. Amid the shifting power dynamics in the region, he suggested that Syria's post-Assad transition could significantly influence its soft power standing in the coming year. This 'remaking of the Middle East,' he added, may also present an opportunity for Gulf nations, particularly Saudi Arabia and the UAE, to enhance their soft power appeal as the region's geopolitical landscape continues to evolve. The US-Russia negotiations over Ukraine, held in Riyadh this week, were a key topic of discussion at the summit. As highlighted in this year's Soft Power Index, both countries followed a similar trajectory to other nations involved in conflict, experiencing stagnation or, in Ukraine's case, a decline after two years of gains. Professor Michael Clarke addressing the summit. (AN/File) Speakers underscored that, in what Clarke described as a new 'paradigm of international relations,' the UN's role — already under strain due to its perceived failure to uphold its mandate — will be critical in fostering international cooperation on global challenges beyond the capacity of individual nations. The index reveals a growing divide, with stronger nations advancing rapidly while weaker ones fall further behind. 'With the exception of when the Security Council mandates the use of sanctions or force, most of what the UN does is powered by soft power. It is the power of convening,' Maher Nasser, commissioner-general of the UN at Expo 2025 and director of the Department of Global Communications, told Arab News. 'It is the power of working towards consensus when not possible by majority votes. But the traces and the impact of the work that takes place in the UN (are) way beyond the issues of peace and security that people (tend to) focus on.' Amid ongoing conflicts and shifting global dynamics, Nasser emphasized that the UN remains 'the most representative platform on the planet,' stressing that lasting peace can only be achieved through 'creating conditions for trust and using soft power to achieve objectives,' a principle at the heart of the UN's mission. This year's index saw the US retain its top position, while China overtook the UK for second place. Among Arab nations, Egypt ranked 38th, Kuwait 40th, and Oman 49th. Morocco, Bahrain, and Jordan followed at 50th, 51st, and 58th, respectively, while Algeria placed 78th, Tunisia 79th, Lebanon 91st, and Yemen 122nd — climbing 27 places due to improvements in governance, international relations, and education and science. Syria (127th) and Libya (133rd) rounded out the rankings.
