Saudi 13th most competitive country in World Bank ratings

Saudi Arabia is the most competitive country in the Middle East and the 13th in the world, according to the latest World Bank rankings.

The bank’s Doing Business 2010 report put the kingdom ahead of Bahrain, the UAE and Qatar in the region, and in front of advanced economies like Japan, Germany, France and Switzerland, for the ease of doing business.

Over the past five years, the kingdom has risen dramatically in the rankings, from 67 in 2004 to 38 in 2006, 16 in 2007 and to 13 this year.

The improvement shows the country is well poised to achieve its goal of becoming one of the top 10 most competitive countries by 2010, Saudi Arabian General Investment Authority (Sagia) said in a statement on Wednesday.

The World Bank praised countries across the Middle East for boosting their economies, particularly during the global financial crisis.

“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.

“Governments are paying attention to the quality of business regulation to make their economies more competitive and encourage entrepreneurs. This is always important, but especially during these difficult times.”

The UAE moved up to 33 from 47 and became one of the world’s 10 most active reformers for the first time by eliminating the minimum capital requirement for business start-ups and simplifying registration.

Sagia said recent reforms to business registration and the introduction of a faster process for construction permits were the reason for the rise in rankings.

“This is demonstrated by increasing interest in the kingdom among prominent foreign business leaders, who chose Saudi Arabia over other countries in the Middle East as investment destinations,” the statement said.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM