Dubai: The World Bank's Ease of Doing Business 2018 report revealed today that the UAE is ranked 21st globally and is ranked top of Arab countries for the fifth year in a row.
Additionally, the report showed that the UAE is ranked in the top ten globally in five of the reports 10 topics.
The UAE is first globally in ‘paying taxes’ and ‘getting electricity. The UAE is also ranked 2nd globally in ‘dealing with construction permits’ and 10th globally in ‘registering property’ and ‘registering property’.
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According to the methodology adopted by the World Bank for the current year, the UAE jumped from 26th place globally to 21st, ahead of all countries in the Arab region covered by the report and for the fifth year in a row.
“The performance of the UAE in this year's report is the result of months of collaboration, hard work and commitment by both federal and local government entities with the Competitive Strategy team at the Federal Competitiveness and Statistics Authority,” said Reem Bint Ebrahim Al Hashimy, Minister of State for International Cooperation and Chairwoman of Federal Competitiveness and Statistics Authority.
According to this year’s report, The World Bank's report acknowledged the country’s efforts to improve procedures and laws related to the process of establishing companies and facilitating procedures for both domestic and foreign investors.
Improvements through hard work
The World Bank report this year officially documented four improvements in the following topics: Dealing with Construction permits, Getting Electricity, Access to Credit and Resolving Insolvency.
These improvements are the outcome of the hard work and dedication of over 50 government official and expert who work all year long to with the strategy competitiveness team at the FCSA working on workshops, simulations, paper work and field visits to the World Bank headquarter in Washington DC.
"Each year, the UAE demonstrates its ability to compete globally across various sectors. This is thanks to the guidance of the wise leadership of the UAE and a strategic vision that aims to elevate the UAE to become the best country in the world by 2071,” said Sultan Bin Saeed Al Mansouri, Minister of Economy.
He emphasized the role played by by small and medium enterprises as the infrastructure of any economy around the world.
The UAE's performance as the 21st best globally in the World Bank report is a global testament to the success of the country's strategy to build an advanced economic infrastructure and financial system that ensures prosperity and prosperity and achieves global leadership said Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
"The Ministry of Finance has adopted an innovation-driven strategy in its continuous development efforts of all the services extended to individuals and institutions alike. The Ministry also implements best financial management practices to maintain the continuing improvement of the national financial ecosystem and building a stable and sustainable economy characterized by flexibility and diversity,” said Al Tayer.