Dubai: UAE now ranks on the 11th spot on World Bank’s Ease of Doing Business rankings, experiencing a phenomenal 10-point jump from last year’s 21st position from a total of 190 countries, and a pointless of entering the top 10 league.
The General Director of Department of Economic Development Dubai, Sami Al Qamzi ascribed UAE’s decisive leap to its continuous efforts in building and maintaining the country as a global business powerhouse on par with world’s most thriving economies. He said,
“Jumping to 11th place worldwide and maintaining the first ranking across the Arab countries in Ease of Doing Business Report 2019 is a result of the efforts exerted by the government entities in the UAE and Dubai, in particular.”
Mentioning UAE’s shrewd take on new business policies, Qamzi also credited the instant license and e-merchant initiatives launched by the DED, as it played a pivotal role in increasing competitiveness and catalyzing numerous company formations in Dubai.
The rankings compliment UAE’s conducive business environment and innovative approach to economic restoration policies. The rankings were determined from an aggregate score of 10 topics, each consisting of several indicators.
These indicators revealed 34% of UAE’s businesses were venturing into new markets, expanding their investment horizons and boosting their business drive. It showed rising business confidence of UAE-based business firms, a clear sigh of higher capital expenditure. It also pointed out 87% of entrepreneurs, SMEs, and Large Enterprise are optimistic about their business outlooks and have prepared for major investment schemes for next year in line with UAE’s improving macroeconomic environment.
Not to mention UAE’s strategic headway in dealing with 2017’s economic slowdown and introducing benchmark reforms.
The key stimulators were improved oil prices, UAE’s recent introduction stimulus package, reduction in different government fees, increasing public spending, freezing school fees, online registration facilities, fast and easy commercial and industrial electricity connections, straightforward and transparent property registration, improved financing options, new security reforms, improving regional macroeconomic backdrop and the upcoming mighty Expo 2020.
While maintaining its unrivaled rankings in the Middle East and North Africa region, the UAE remains far ahead of its GCC peers, leading the trends in business development and e-commerce.
Among the World Bank’s top 10 economies, countries ranked in the order starting from New Zealand, Singapore, Denmark, Hong Kong, South Korea, Georgia, Norway, United States, United Kingdom, and FYR Macedonia.
World Bank shared its assessment and applauded the significant progress from various governments in enhancing intra-regional trades, reviving positive business sentiments while facilitating entrepreneurial drives in their growing sectors. World Bank Group President Jim Yong Kim shared his thoughts,
“Governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive. Sound and efficient business regulations are critical for entrepreneurship and a thriving private sector. Without them, we have no chance to end extreme poverty and boost shared prosperity around the world.”
Praising UAE’s unprecedented achievement, the World Bank said the UAE has shown remarkable advancement in court efficiency and quality of decisions.
“The UAE has been particularly active in promoting a coherent system for judicial training with impressive results in court efficiency and quality of decisions. Judges are embracing a culture of continuous learning and development, which allows them to acquire specialized skills.”
Chairman and Managing partner of Jitendra Consulting Group, Jitendra Gianchandani said the new rankings are a testament to UAE unwavering commitment in taking its economic stature to new heights. She said,
“It shows the UAE has best regulatory practices – such as construction permits, registration, trading across borders, getting electricity permits, getting credit and tax payment mechanism etc. – when it comes to doing business. Improved ranking means business-friendly and corruption-free environment and lower transactions cost which will ultimately help to attract multinationals to invest in the UAE and attract more foreign investments.”
As UAE closes-in on entering the top 10, its latest milestone was a much-needed victory to its economic stature and will significantly help in preparing entrepreneurs for the upcoming business showdown in 2020, boosting investment morale while inviting more FDIs and other private enterprising.