UAE 46th most business-friendly country on World Bank-IFC list |
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Tuesday, Nov 11, 2008
Gulf News
Abu Dhabi: The UAE has been ranked 46th in a worldwide list of 181 countries that were evaluated by a co-publication of the World BankWorld Bank
and International Finance Corporation (IFC)International Finance Corporation (IFC) on the ease of doing business.
The report, which indicates 2009 rankings for countries, was released in the capital on Monday.
The "Doing Business" project ranks 181 economies based on 10 indicators of business regulation that monitor the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business.
The rankings do not reflect such areas such as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.
"The UAE's credit bureau, Emcredit, started collecting information on the repayment pattern of individual borrowers as well as firms in February 2007. This has allowed better supervision of the debt level of banks and borrowers," the report noted.
Singapore was ranked No. 1 in terms of the ease of doing business, followed by New Zealand, the US, Hong Kong, Denmark, the UK, Ireland, Canada, Australia and Norway. The Democratic Republic of Congo was the least competitive country.
Saudi Arabia 16th
From the Arab world, Saudi Arabia is the highest-ranked country, ranked 16th in the worldwide ranking. Areas of reform in Saudi Arabia include segments such as starting a business, registering property, protecting investors and closing a business.
"Saudi Arabia made it easier to start a business by continuing to simplify formalities for commercial registration and reducing registration fees by 80 per cent."
© Gulf News 2008. All rights reserved.
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