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The UAE has been ranked the most prosperous country in the Arab world, achieving rapid growth in Legatum Institute’s wealth and well being indicator for entrepreneurship and opportunity
The success the UAE has experienced in this category is a result of decreasing business start-up costs and greater connectivity via mobile phones and the Internet and security, the institute explained.
The 2012 Legatum Institute Prosperity Index revealed that the UAE recieved a score of 66 for personal freedom, 17 for economy and 30 for entreprenurship and opportunity.
In contrast, nearby Saudi Arabia recieved a score of 130 for personal freedom, 46 for entreprenurship and opportunity and a score of 31 in the economy category.
The lower score represents higher levels of wealth and well being and overall the UAE came 29th on a list of 142 countries, beating Saudi Arabia, which was 52nd.
“In the Middle East and North Africa, we are beginning to feel the impact of the Arab Spring, as social cohesion and the number of citizens who believe they can rely on friends and family for help has fallen,” said Jeffrey Gedmin, President and CEO of the Legatum Institute.
“As the region adjusts to change, it is important to keep in mind the two factors that the Prosperity Index finds are most closely linked to a country’s long term prosperity: entrepreneurship and opportunity and effective, accountable government. All policies should link back to these proven drivers of prosperity.”
The Legatum Prosperity Index is also based on assessing the quality of education, governance, health, personal freedom, safety and security and social capital for countries globally.