UAE increasingly competitive among global players

Dubai: The UAE has improved business competitiveness significantly, moving up from 47th position to 33rd according to the latest Doing Business 2010 report by the World Bank released on Wednesday.

In the UAE, it takes 6.2 per cent of per capita income to start a business, 2.2 per cent in Oman, 7.1 per cent in Qatar and 7.7 per cent in Saudi Arabia. In Denmark, it doesn't cost any, the report says.

It takes five days to start a business in Saudi Arabia, six days in Qatar, seven days in Egypt, nine days in Bahrain and Lebanon, 13 days in Jordan and 15 days in the UAE, while it takes just a day to do the same in New Zealand, the report adds.

"Economies in the Middle East and North Africa are reforming at an impressive rate, and in sustained and comprehensive ways that highlight insights gained from other reformers," said Dahlia Khalifa, an author of the report.

Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry, said: "The government is currently working on a number of laws and regulations that will no doubt help reduce procedures and lower licensing and business registration costs making Dubai a much more competitive place to work and live in".

Singapore is the top-ranked economy on the ease of doing business for the fourth year in a row with New Zealand second.

The UAE has also been ranked 23rd in the world and second in the region in this year's World Economic Forum's (WEF) Global Competitiveness Report 2009-2010, released on Tuesday.

Hani Al Hamli, Secretary-General of Dubai Economic Council, said: "This achievement couldn't have been realised without the pre-determination of the UAE's wise leadership. Our leadership was clear-minded and visionary about enhancing the UAE's place in the global economy."