(Dubai) – The UAE advanced three ranks in the latest World Bank’s Doing Business 2015 report to settle at 22 compared to last year’s rankings, maintaining its lead in the Arab Region and beating some advanced European and Asian economies.
Doing Business 2015: “Going Beyond Efficiency” ranked the UAE among the 10 economies that have improved the most in performance on its indicators since the previous year. This year’s report highlights 10 economies that have done so, including five in Sub-Saharan Africa. The report measures the ease of doing business in 189 economies based on 11 business-related regulations, including business start-up, getting credit, getting electricity, and trading across borders. This year’s report, “Doing Business 2015: Going Beyond Efficiency,” uses new data and methodology in three areas: resolving insolvency, protecting minority investors, and getting credit.
The new World Bank report finds that in the past year, governments around the world continued to implement a broad range of reforms aimed at improving the regulatory environment for local entrepreneurs. Economies that both improve the efficiency of regulatory procedures and strengthen the legal institutions that support enterprise, trade, and exchange are better able to facilitate growth and development.
Commenting on this landmark achievement, Reem Al Hashemi, Chairperson of Emirates Competitiveness Council, said: ‘Advancing in the international benchmark is getting more tougher year after year for many reasons including the state’s increasing awareness of the vital importance of continuous improvement in performance of government entities providing services to investors and commercial corporations and this sharpens competition among states in attracting investors.” She attributed the UAE’s stellar performance in the World Bank report to the far-sighted vision of the wise leadership, spearheaded by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.
(Courtesy WAM)
