UAE ranks 14th on economic freedom list

The UAE, and specifically Dubai, have been witnessing dramatic changes in all sectors - including economy, infrastructure, environment, social development, exhibitions and much more.

It is therefore not surprising that the UAE is ranked 14th in the 2001 World Index of Economic Freedom. The UAE shares the 14th rank with five countries - Japan, Austria, Canada, Denmark and Estonia.

The index was provided by the Dubai International Financial Centre (DIFC). The lower the score, the higher the ranking of the country. Five represents the lowest score and the zero represents the highest.

In a range of 1.9 to 3.6 points for six Arab countries on the list, the UAE had a score of 2.55. The table for Arab countries is led by Bahrain (9th globally), UAE (14th), Kuwait (42nd), Oman (48th), Saudi Arabia (75th) and Egypt (120th).

The UAE is ranked second in the Arab world, because it offers one of the best economic environments for foreign businesses and investments.

It has a strategic location with a large market, offers political stability and proactive government support. It also has world class hard infrastructure.

The UAE Government also offers excellent industrial facilities and business support service, is continuously reducing red tape and strengthening the administrative procedures, updating commercial laws and regulations.

In addition, the UAE is recording fairly stable growth rates in the non-oil sector where government polices of diversification and the provision of infrastructure support have helped to create a strong economic model.

Bahrain leads the Arab world in the freedom of business, with a score of 1.90. Historically, Bahrain, which used to be called Dilmun, also has enjoyed a unique geographic location and played a major role in international trade.

It is a major offshore centre for the cash-rich Gulf. Easy rules and regulations covering foreign investment flows and business made it attractive for investment opportunities.

The Government of Bahrain is trying to diversify its economy and attract business with least amount of restrictions in the Arab world as its national policy.

Oman ranks third in the Arab table scoring 2.70, followed by Kuwait recording 2.55. Saudi Arabia comes in fifth, scoring 3 points and the sixth country is Egypt with a score of 3.60.

Globally, Hong kong is leads the table, scoring 1.30. Singapore follows Hong Kong as the world's second most free place top do business in with a score of 1.55 points.