UAE’s Ease Of Doing Business Up To 33rd In World Bank’s 2012 Report
The United Arab Emirates (UAE) moved up by two to the 33rd place globally this year in the World Bank’s latest annual Doing Business report. The UAE also ranked second among Arab countries in terms of ease of doing business, after Saudi Arabia.
Released yesterday, the new report by the World Bank and the International Finance Corporation (IFC) - Doing Business 2012: Doing Business in a More Transparent World- uses 11 criteria to rate the ease of doing business across a company’s lifecycle: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency (formerly closing a business) and employing workers. The employing workers data are not included in this year’s ranking on the ease of doing business.
"The United Arab Emirates made starting a business easier by merging the requirements to file company documents with the Department for Economic Development, to obtain a trade license and to register with the Dubai Chamber of Commerce and Industry," the World Bank’s report said.
"(In terms of getting credit), the United Arab Emirates improved its credit information system through a new law allowing the establishment of a federal credit bureau under the supervision of the central bank," it added.
The United Arab Emirates also ranked 10th in terms of the ease of getting electricity, 12th in terms of dealing with construction permits and 6th in terms of for registering property.
The country, along with Georgia, Norway, Portugal, Sweden set the bar on the number of procedures for registering property, according to the report.
Commenting on the findings of the report, Sultan bin Butti bin Mejren, Director General of Dubai’s Land Department said ranking 6th globally in terms of registering property, truly reflects the vision of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for achieving global stature, prominence as well as the ability to compete with advanced nations. This also proves the competitiveness and efficiency of Dubai’s property market." The annual report finds that 11 out of 18 economies in the Middle East and North Africa improved regulations for entrepreneurs in the past year, despite political and economic uncertainty in the region.
"Saudi Arabia remained the regional leader with a ?Global ease of doing business’ ranking of 12. Qatar implemented its first reforms since 2005 and climbed to 36 on the global scorecard by improving its credit information system. The UAE further streamlined the requirements for business start-up, and improved its ranking to 33," the report said.
The report ranks the economies in 10 areas of business regulation such as starting a business, resolving insolvency, and enforcing contracts.
The study’s methodology expanded this year to include indicators for getting electricity connections.
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