The World Bank noted that the UAE has undertaken four major reforms in the last year
The UAE has risen 10 spots in the World Bank’s annual Ease of Doing Business report and now stands in 11th place globally from 21st in 2017, it was announced on Wednesday.
The ranking marks the first kind a regional economy makes it into the top 20, even though the UAE has led the Arab World for the last six years.
The report noted that the UAE has carried out four significant economic reforms, including the elimination of fees for industrial and commercial electricity connections and improvements to the online registration system for new businesses.
Additionally, the UAE strengthened access to credit and made registering property easier by increasing the transparency of its land administration system.
The World Bank ranks economies from 1-190, with ranking determined by the aggregate scores of 10 topics, each of which are made up of a number of different indicators.
Of these, the UAE scored particularly well in terms of electricity connections, paying taxes, construction permits, registering property, enforcing contracts and protecting minority investors.
In the MENA region, the UAE was followed by Morocco in 60th place. It was considerably ahead of its peers in the Gulf region, with the closes being Bahrain in 62nd place, following by Oman (78), Saudi Arabia (92) and Kuwait (97).