| Home | GCC | World | Industries | Markets | Opinion | Interviews | Photos | Video | Lists | Lifestyle | StartUp | Topics | Jobs | Property | Smart TV |
Help, I forgot my username and/or password
Saudi Arabia is the best country in the Middle East for doing business, according to a new study published by the World Bank.
The Gulf kingdom, the world’s largest oil producer, was ranked 22nd globally in the ‘Doing Business 2013’ report, ahead of neighbour the UAE which placed 26th. Elsewhere in the GCC, Qatar came 40th, Bahrain 42nd, Oman 47th and Kuwait 82nd.
Click here to see the 30 best countries for doing business
On a global basis the report was topped by Singapore, followed by Hong Kong and New Zealand in second and third places, respectively.
Saudi Arabia scored highly in terms of taxation (3rd in the world), investor protection (19th), property registration and access to electricity (both 12th). The kingdom performed poorly when it comes to starting a business (78th globally), enforcing contracts (124th) and resolving insolvency (107th).
According to the International Monetary Fund the Saudi economy is forecast to grow by 6 percent this year.
The study, which polled the opinions of thousands of lawyers, government officials and consultants, praised reforms made by Middle East countries in the past year aimed at easing restrictions on doing business. It found that 47 percent of economies in the region had implemented such reforms in the past year, despite efforts in this space being hampered by the effect of the Arab Spring unrest.
Examples of regional business reform cited by the report included the UAE’s streamlining of start-up requirements, the implementation of an online system to file and pay taxes, and a reduction in the time required to set up an electricity connection.
The World Bank also lauded Oman’s move to guarantee the rights of borrowers to inspect their personal credit data.
“The changes in the region suggest a renewed opportunity for governments to invest in governance structures and increase transparency in parallel with efforts to improve the business regulatory environment,” said Augusto Lopez-Claros, director, global indicators and analysis, World Bank Group, in a statement.
“Moving to a system of more transparent, sensible, and business-friendly rules will go a long way toward creating the conditions for more equitable economic growth and a faster pace of job creation,” he added.
Worldwide, the Central African Republic was ranked the worst country in the world for doing business.
Click here to see the 30 best countries for doing business
Could you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - KhalidI was in Qatar yesterday and I had a good chuckle to myself about it all. There are three possible outcomes - all of which will be a monumental mess. ... more
Thursday, 23 May 2013 3:35 PM - SteveSadly, The cops don't even understand English & they are not willing to listen to anything. They do as they like, It is my wish that wherever the citizens... more
Friday, 24 May 2013 6:02 PM - Expat in KuwaitAs much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SayCould you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - KhalidIf one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more
Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw
Top managment greed is one of the main reasons that caused the 2008 crises. hope i delivered the message..
more
As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SayCould you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - Khalid
Join the Discussion
Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.
Please post responsibly. Commenter Rules