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Read the following sections from the reading list below. ( see attached the links and discription and follow the stepsTotal should be 2000 wordsProvide ReferencesPorter, Michael E. (2005): “Building the Microeconomic foundations of Prosperity: findingsfrom the Business Competitiveness Index,” in The Global Competitiveness Report 2004–2005, World Economic Forum, pp. 19-51. New York: Palgrave Macmillan.http://www.ieseinsight.com/casos/study_0035.pdfPages 19 – 47Porter, Michael E. (1990), The Competitive Advantage of Nations. New York: Free Presshttps://hbr.org/1990/03/the-competitive-advantage-of-nationsOnly read the sections related to the GCC countries particularly the UAE.“The Global Competitiveness Report 2014-2015,” Klaus Schwab (ed.), World EconomicForum. Geneva, Switzerland.http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf“The Global Competitiveness Report 2015-2016,” Klaus Schwab (ed.), World EconomicForum. Geneva, Switzerland.http://www3.weforum.org/docs/gcr/2015-2016/Global_Competitiveness_Report_2015-2016.pdf“The Global Innovation Index 2015,” Dutta, Somitra, Lanvin, Bruno, and Wunsch-VincentSacha (eds.), Geneva, Switzerland.https://www.globalinnovationindex.org/userfiles/file/reportpdf/GII-2015-v5.pdfStep 1Briefly outline Porter’s views on what gives nations a competitive advantage and also themicroeconomic foundations of prosperity.Step 2Evaluate the performance of the UAE economy according to the following 3 pillars included in theGlobal Competitiveness Index:• Pillar 3 Macroeconomic environment• Pillar 5 Higher education and training• Pillar 12 InnovationHow does it compare to other GCC countries?Step 3Briefly outline the steps undertaken by the UAE government towards enhancing the performance ofthe economy in the three areas identified above particularly with reference to innovation.Step 4RecommendationsWhat further steps can be taken to encourage innovation and increase the competitiveness of theeconomy.

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