The United Arab Emirates has maintained, for the third consecutive year, its global lead in financial policies and topped regional rankings in overall competitiveness, according to the Global Competitiveness Report for 2015.

The UAE also featured among the world's top three in the key pillars of global competitiveness index, including government efficiency and financial policies, while maintaining its ranking as 12th in a global competitiveness index.

"We congratulate the leadership and people of the UAE on this achievement and we look forward to making further progress," said Reem Ibrahim Al Hashimy, Minister of State and Chairwoman of the Emirates Competitiveness Council (ECC).

Al Hashimy added that despite regional challenges such as the drop in oil prices, the UAE continues to invest in human development and to drive innovation.

Abdullah Nasser Lootah, ECC Secretary General said the Global Competitiveness Report, published annually by the World Economic Forum, is one of the key sources that help the council to measure performance.