Globalization has redefined the interaction within countries. It has provided the scope for the countries to redefine their ambit and unleash their true potential. Gone are the days wherein wars and hostile annexures were the only ways to exert influence over another country.
Today, the interaction is channelized by an exercise of soft yet influential influence upon the other. The country of United Arab Emirates is no exception. The recently published Soft Power Index has placed the country at the 10th spot thereby declaring it to be the 10th most powerful nation in the world.
The soft power index is an essential parameter to judge the potential of a country to attract neighboring countries through the process of incentivization instead of force.
A country with promising returns on investment, exponential growth prospects, and ease of doing business always exerts a magnetic force upon fellow countries and this is exactly what has happened in the United Arab Emirates.
It would be right to say that UAE has become the first Middle East Country in the world to have secured a remarkable place.
UAE has commenced a new chapter of growth and development
The Soft Power Index is developed by Brand Finance in association with international research organizations. It collects data, statistics, and recent development in order to evaluate the softness of the influence exerted by one nation upon another in this classic hard-core competitive era.
The top slots in the index have been currently occupied by the United States of America, the United Kingdom, and Germany respectively. Saudi Arabia was the last middle east country that featured in the top 20 slots some years ago. The United Arab Emirates has truly turned the pages of history towards itself by cracking the 10th slot for 2023.
The United Arab Emirates occupied the 15th spot in the year 2022. This has been the highest jump in the country recorded so far that too in a span of one year. The interplay of numerous factors has contributed to this success.
The country has witnessed many ups and downs and every time it has come out to be a bit stronger. The present placement of the country in the index is reflective of the efforts which have proved to be fruitful for the nation as well.
The United Arab Emirates is an inspiration for the rest of the Middle East Countries which constantly dwell under stigmatization and limitations.
The country has been applauded for its recent policy measures. It opted for a strong response to the pandemic and took the first-mover advantage on several counts. Despite all the odds, it successfully organized and hosted Expo 2020.
Expo 2020 was a huge platform in itself that allowed the exchange of the latest ideas and products of technology. It showcased the grandeur of innovation and elevated the position of the United Arab Emirates in the eyes of the rest of the world.
It eased its business and investment policies and hence attracted foreign direct investment from the other nations. This was followed by the institution of asset management companies to restructure the bad debts and operationalize the sick companies so that they could contribute towards national development to an extent.
The United Arab Emirates made generous donations in the favour of the countries which were struggling to fight the pandemic. It sponsored an umbrella health scheme for rolling out vaccinations free of cost for the citizens for the purposes of mass immunization. It was probably the first country to have lifted its lockdown just after the second wave of COVID-19 became docile.
All of this showed the advanced preparedness of the country to tackle all the challenges with the help of the efficient use of resources. On the basis of these efforts, the United Arab Emirates has been rightly identified as the world’s third-largest generous country.
The United Arab Emirates has revamped its policies and strategies on the touchstone of sustainability and holistic growth. The gross domestic product of the country hiked by 1.3% in the last quarter. The positive reaction of the index represents the healthy status of the capital market as well.
In order to boost its existing efforts, the UAE economy has decided to invest an amount of USD 51 billion in the private sector. This will be able to ensure the equitable distribution of resources to the two dimensions of the Middle East Economy.
The officials of the UAE have expressed their ecstasy for being recognized as the fastest-growing Middle East Economy. They have expressed their willingness to bring bringer laurels to their country through committed growth and inclusive policy-making with respect to the newly emerging subjects in the country.