Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has hailed the UAE as a global hub for innovation, entrepreneurship and investment.
Sheikh Mohammed said significant efforts had been made by the UAE Federal Government, and other local departments, to create a "world-class business-friendly environment, enabling the country to vie with the best all over the world".
His comments followed the announcement earlier on Wednesday that the UAE rose 10 spots in the World Bank’s annual Ease of Doing Business report and now stands in 11th place globally.
"The besetting challenges will add to the government’s determination to introduce significant improvements into services and legislation, as these improvements are essential for the country to secure advanced rankings across all global competiveness indices," Sheikh Mohammed said in a statement.
According to the World Bank report, the UAE is the best-performing country in the Middle East and North Africa region and is fast closing in to become one among the world's top 10.
The UAE scored first position in getting electricity connection, second in ease of paying taxes, fifth in dealing with construction permits, seventh in registering property and ninth in enforcing of contracts.
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 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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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