UAE slips in World Bank business ranking

DOING BUSINESS: The UAE’s position in the World Bank’s 'Doing Business' study has dropped, sparking concern among the business community. (Getty Images)

The UAE’s position in the World Bank’s 'Doing Business' study dropped four places this year, sparking concern among the business community.

Singapore is ranked first while the UAE is placed at 24 out of 178 economies, UAE daily Gulf News reported on Tuesday.

“As Dubai is the commercial hub of the UAE, this is a major area of concern for us, and we are interested in learning from the business community’s areas of expertise on ways to improve trade in Dubai,” said Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry at a forum on Monday.

He said the chamber does not agree with the report entirely, but was looking to ways to improve the ranking.

“We all know that the UAE is not a typical business environment and, therefore, the sample used in constructing the index in the World Bank study may not accurately reflect the true structure of the economy or the true ease of doing business in the country,” the newspaper quoted Bu Amin.

Belaid Rettab, senior executive director of the Chamber, said that the group had done some preliminary research which revealed the time required to process documents for imports and exports was the biggest business hurdle in Dubai.

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