UAE looking pretty in World Bank's eyes
The UAE has improved its ranking in the World Bank’s Doing Business 2013 report to 26, up from 33 last year.
The significant improvement in the ranking is evidence of the success of the country’s efforts to increase the ease of doing business by reducing regulation, cutting red tape and making use of technology to speed up the processing of fees and paperwork, among other initiatives.
Improving governance and compliance by simplifying regulations and creating one-stop shops for the processing of applications for business licences and infrastructure has also reduced the time it takes to get companies up and running.
The new ranking will strengthen the UAE as a regional and global financial hub and a destination for foreign direct investment.
Improving the ease of doing business also makes it easier for entrepreneurs to start small and medium enterprises, which are the backbone of local economic activity.
This will help the diversification and expansion of the local economy at a time when world trade and commerce is being hobbled by volatile financial markets.
Commenting on the Middle East, the World bank correctly pointed out that: “Moving to a system of more transparent, sensible and business-friendly rules will go a long way towards creating the conditions for more equitable economic growth and a faster pace of job creation”.
The UAE is showing how this can be done in practice.
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