The world’s leading independent brand valuation consultancy, Brand Finance, has ranked the UAE as No. 1 in “brand performance” due to its rapid economic growth and speedy recovery after the COVID-19 pandemic. The government’s proactive policies to welcome more businesses, investments and tourism have made the Emirates one of the most easily accessible countries in the world post-pandemic.
Let’s take a closer look at the findings of the report and know how the UAE made first in this prestigious list.
UAE tops Nation Brand 2022 – Brand Performance
Global interactions in crucial trade, investment, tourism, and talent attraction were down throughout 2021 due to COVID-19. However, the United Arab Emirates ranks highest globally in brand performance, scoring 80.5 out of 100 according to Nation Brands 2022 Annual Report by Brand Finance.
Thanks to maintaining a higher brand performance score and improving its brand perceptions, the United Arab Emirates has defended its position as the strongest (76.7 out of 100) and most valuable (US$773 billion) nation brand in the Middle East and Africa.
A successful COVID-19 response, which allowed the United Arab Emirates to open for business sooner than many other destinations, is one of the critical drivers of the UAE’s impressive results this year. Here is how they did it.
Tourism recovery
The UAE is a predominant force of tourism in the Middle East. The multi-billion dollar economy, which took a severe hit during the pandemic, is fast recuperating from its losses. Most of the COVID-19 restrictions for entry have been removed, with cheap flights to the UAE available from most parts of the world every day, and masks are no longer mandatory for the general public.
Furthermore, the Dubai Expo 2020, postponed to 2021, saw millions visiting the city, and the Dubai International Airport reported a 12.7 percent increase in passenger arrivals compared to the previous year. At the Expo, over 1,700 delegates were present from over 60 countries, and over 1,500 bilateral talks took place between UAE and its global counterparts. The mega exhibition site has now been transformed into a city, the Expo City, which continues to attract more visitors to the country.
Growing economic strength
The higher prices of oil and successful strategies to face COVID-19 have catapulted the economic stability of the country, which is growing at a pace of 8.4 percent in the first quarter of 2022, the fastest annual pace since 2011. The economy, which rose 3.8 percent last year, has improved 5.4 percent this year. It is expected to grow 4.2 percent by 2023, per the Central Bank of the UAE data.
UAE’s non-oil economy stays strong due to advancements in tourism and the property market. Property prices and transaction volumes are steadily increasing to keep up with the demand, especially in residential sectors.
New visa reforms
Post-pandemic, the government recognizes the importance of drawing more businesses and investments to the country. To put this into reality, several new visa schemes have been announced for business professionals, leisure travellers and investors coming into the country.
The UAE has introduced around ten types of entry visas types as follows that do not require a host or sponsor, coming into effect from October 2022:
- Job exploration entry visa
- Business entry visa
- Multi-entry tourist visa
- Family visa
- Entry permit to visit relatives or friends
- Entry permit for a temporary work mission
- Entry permit for study and training
- Residence permit for humanitarian cases
Increased accessibility to residency
Business enthusiasts and professionals looking to work and live in the UAE have also increased due to the increased visa security offered by the UAE. Moreover, long-term residency schemes such as Golden Visa and Green Visa have been expanded to more categories, opening up the country to more people globally.
- Golden Visa (10 years validity): Eligible for scientists, skilled workers, exceptional talents, real estate investors, entrepreneurs, students, humanitarian pioneers, doctors and nurses.
- Green Visa (5 years validity): Skilled employees, freelancers and investors.
