- November 2, 2018
- Posted by: Waqas Siddiqui
- Category: Others
UAE Ranked 11th in Ease of Doing Business Globally
Dubai – UAE rises to 11th position in World Bank’s Ease of Doing Business 2019 from the 21st position last year. UAE has jumped 10 position and currently also leads the Arab world in the same category for the sixth consecutive year. New Zealand (1st), Singapore (2nd) and Denmark (3rd) retained the top three positions followed by Hong Kong (4th), Republic of Korea (5th), Georgia (6th), Norway (7th), US (8th), UK (9th) and Macedonia (10th).
The World Bank report ranks economie on basis of 10 criteria that are essential in facilitating the business operations. Scores with equal weightage are provided for these criteria. A high aggregate score signifies that the regulatory enviromnent is favorable for starting and operating the business in the country. The ranking is based on the number of countries (190) listed with the World Bank and ranges from 1 – 190.
UAE KEY PERFORMER (By World Bank Category)
- Obtaining Electricity Connection (Rank 1)
- Paying Taxes (Rank 2)
- Construction Permits (Rank 5)
- Property Registration (Rank 7)
- Enforcing of Contracts (Rank 9)
- Protection of Minority Investors (Rank 15)
The World Bank report also recognized the new reforms and steps taken by the UAE government to nurture entreprenuers and boost business activities in the country. H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, stated that UAE is in the path to become a global hub for innovation, entrepreneurship and foreign investments, because of the strategies adopted by the government.
UAE has been a frontrunner in economic development and activity within the Middle East & Africa (MEA) region for the past six years. The radical shift in UAE’s Ease of Doing Business ranking is a result of series of initiatives taken by UAE government which includes 10-years visa plan, 100 per cent ownership for foreign investors and companies, new visa reforms to radically reduce the employee visa cost and tariff reductions for large, medium and small-sized factors to support UAE industries.
The updated ranking for 2019 is likely to enhance UAE’s position gobally as an economically competitive and flexible country. It will also re-instate investor confidence and further increase the foreign investments in the country.
Investment Opportunities in UAE
UAE has always been an investment friendly destination offering attractive investment environment to international companies that are looking to tap into the Gulf region. The country has also developed world-class infrastructure in the form top quality airports, hotels, public facilities and economic zones, which furthers its evolution as an international business destination. A robust existing framework in conjunction with new rules to facilitate the business environment can add a lot of value to UAE’s economic growth.
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