WEF praises United Arab Emirates

The economy of United Arab Emirates is well set up to benefit from international trade, according to a study by the World Economic Forum (WEF).

Researchers analysed data from 118 economies to evaluate which countries had taken the most effective steps to facilitate free trade.

Hong Kong topped the resulting Enabling Trade Index, with United Arab Emirates the top Middle East economy in 23rd position.

The WEF noted that the federation's wide range of import tariffs had resulted in it slipping down the table, but still had a lot of positive things to say about it.

They noted that United Arab Emirates benefits from a "world-class transport infrastructure, very good infrastructure-related services, and a conducive and secure business environment, characterised in particular by its ease of hiring foreign labour".

Workers from overseas have been a major driving force behind the Dubai property market's growth in recent years.

A shortage of residential property in Dubai saw prices rise by 78 per cent in the past year, according to Colliers International.