UAE tops Arab world in creative thinking and financial literacy

In line with the UAE Centennial Plan 2071 to develop a future-ready educational system, the UAE hosted a forum on June 27 and 28 to announce the GCC and Mena region’s results for the Programme for International Student Assessment (PISA) 2022 in creative thinking and financial literacy. The forum also revealed the UAE’s results.

The forum, held by the Ministry of Education (MoE) in partnership with the Organisation for Economic Co-operation and Development (OECD), presented the PISA 2022 results to participating countries.

The UAE topped the Arab world in financial literacy and, along with Qatar, in creative thinking.

The forum included dialogue sessions on the future of education in the region, best practices, and experiences in developing educational systems. Experts, researchers, and specialists presented research papers on educational affairs.

Programme for International Student Assessment’s international test data is an effective tool for improving the national educational system, identifying areas for development and organising training and guidance courses tailored to students’ needs and capabilities.

The UAE took the initiative to apply PISA study outcomes to evaluate student performance in creative thinking and financial literacy.

For creative thinking, the focus is on enhancing students’ cognitive skills and creative capabilities. Financial literacy measures students’ abilities to manage financial resources, ensuring well-being and financial sustainability.

PISA is a global assessment conducted triennially to benchmark the performance of educational systems worldwide by testing students’ skills and knowledge in countries participating in the programme. Overseen by the OECD, it evaluates students’ skills in mathematics, science, reading (in both Arabic and English), creative thinking and financial literacy. The UAE Ministry of Education supervises the implementation of PISA tests in partnership with the OECD.

Meanwhile Dubai has topped the Foreign Direct Investment (FDI) Index for cultural and creative industries in 2023, according to the ‘fDi Markets’ report by the Financial Times. This ranking reaffirms Dubai’s leadership and enhances its competitiveness as a global capital of the creative economy.

The emirate ranked first globally as the top destination for job creation and capital inflows in the cultural and creative industries (CCI) sector, out of 115 other destinations in the report. This achievement places Dubai ahead of major global cities such as London, New York, and Singapore.

According to data from the Dubai FDI Monitor, released by the Dubai Department of Economy and Tourism (DET), Dubai has attracted 898 projects in the cultural and creative industries sector in 2023, almost double the figure from the previous year. This led to Dhs11.8 billion in FDI capital inflow, which was a 60 per cent increase. An estimated 21,563 new job opportunities were created in 2023, 74 per cent up on 2022.

Within the ranking of the top five source countries for FDI capital inflows into CCI in Dubai during 2023, data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics showed an increase in capital inflows. The US led with 33.2 per cent, followed by the UK at 12.4 per cent, India with 9.1 per cent, Hungary on 4 per cent, and Denmark’s 3 per cent. The US also topped the list for creating new job opportunities through FDI into Dubai’s CCI with 19.2 per cent, India boasting 16.3 per cent, the UK 15.7 per cent, Singapore with 5 per cent, and France’s 4.2 per cent.

In terms of the number of FDI projects announced in 2023 in the CCI sector, the UK led with 17.8 per cent, followed by India with 16.9 per cent, the US at 16 per cent, France with 4 per cent, and Italy’s 3.8 per cent, highlighting Dubai’s efforts and strategies to focus on these markets as key partners.

Data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics indicated that wholly-owned Greenfield FDI projects accounted for 78.7 per cent of Dubai’s total CCI in 2023. New Forms of Investments (NFIs) were 16.1 per cent, reinvestment projects made up 3 per cent, and mergers and acquisitions tallied up to 2.1 per cent of the projects in the registered sectors.

Meanwhile the Etihad Credit Insurance, the UAE Federal export credit company, inked a strategic partnership agreement with the Export Guarantee and Insurance Corporation (EGAP) to create a framework for bilateral reinsurance obligations and provide insurance facilities to companies within the UAE and the Czech Republic, contributing to the promotion of bilateral trade between the two countries during the next phase.

The agreement calls for robust cooperation across a broad spectrum of duties, such as addressing risks related to sovereign and quasi-sovereign debtors, explore innovative avenues in improving flexibility for private sector debtors, and offering insurance facilities for export agreements that are in accordance with the official guidelines of the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits.

Furthermore, this agreement cultivates a strong foundation for bilateral cooperation in areas of common interest, which is beneficial to both countries’ export and foreign trade industries.