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The United Arab Emirates was found to be the best Arab country for starting new business and investment projects. That conclusion was made by the World Bank.
This result of study was announced in the bank’s 2013 “Ease of Starting Business Index.” The index ranks UAE first in the Arab region and 22nd on a global level.
The World Bank based its study on data collected about more than 180 different countries from every part of the world. Also, the “Ease of Starting Business Index” is made of ratings of the countries in various categories. Among them are, for instance, aspects like ease of getting credit, paying taxes, enforcing contracts, employing workers, protecting investors, trading across borders and many more.
In almost all of them, the UAE did pretty well. The country received the highest ranking in the paying taxes category where it was given the first place. In this category are included labour taxes, tax years, as well as entire tax rate for profits. The UAE’s top spot in this sub-ranking of the index has marked a great improvement compared to last year, when it was barely 7th.
The country also occupied high positions on the lists for trading across borders (5), getting electricity for a project (7) and construction permits (13). However, it did not manage to take high spots in categories like insolvency resolving, investors protection, as well as contracts enforcement.
Despite that, the United Arab Emirates made an impressive jump in the ranking on an international level. There, the country takes the 22nd place. In comparison, in 2012, the UAE was positioned 24 spots lower.
Although, the 22nd place is not bad at all, the country has the ambition to improve the business and investment environment in the region. The first step in that direction will be the debt law which will have the heavy task to fight bankruptcy.
Among the other high achievers on the list from the Arab region were also Egypt, Saudi Arabia, Tunisia, Morocco, Jordan, Oman, Yeman, Bahrain and Qatar. In the top 20 for the region are also Iraq, Lebanon, Djibouti, Kuwait, Mauritania, Syria, Palestine, Sudan and Algeria. However, none of these countries managed to find a place in the global top 20 ranking.
Apart from the UAE, there are two more Arab states that succeeded to rise on the list. These are Sudan and Morocco.
On a more international level, the list is headed by the Asian, Pacific and North European countries. This year, the first position on the ranking belongs to Singapore. Among the first are also Denmark, South Korea, Hong Kong, Finland, the United Kingdom, the United States, Georgia, New Zealand, Norway and Australia.
Overall, the countries that showed the most improvement over the last twelve months were Russia, India and China. In addition, South Korea is enters the first ten for the first time.
In its research, the World Bank concluded that today over 100 countries rely on electronic systems and technology for various services, including court fillings, registration of business, as well as customs clearance. These systems further make business projects easier to start.