UAE 'is a prosperous nation'
A new report has rated the United Arab Emirates (UAE) as the most prosperous nation in the region.
Legatum Institute said the Middle Eastern country is the best country in the Arab world because it has very high living standards.
The UAE's recent efforts to diversify its economy beyond oil exports were flagged up as another factor in its favour.
Indeed, its reduced reliance on fossil fuels was said to have helped it attract more international capital and talent.
Speaking to Emirates Business, Allan McCormick of Legatum commented: "Greater competition, a continued reduction in dependence on oil and good governance could bode well for the UAE."
He added that the country is in a good position to overcome ongoing problems in the global financial system.
This comes after the UAE's central bank said the nation's financial institutions have had "virtually no" exposure to Lehman Brothers - the investment bank which collapsed last month.
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