READ: UAE’s rise in global ranking is well deserved

The UAE’s spectacular climb up the rankings to 11 in the World Bank’s Ease of Doing Business index was expected after its performance last year when it stood at 21, and 26 the year before. Market experts had predicted the jump. A top-10 performance would have been brilliant and was not far-fetched despite overall market conditions and negative sentiment brought on by strife roiling the region. The country has managed to stay attractive to foreign capital and investment with a positive outlook that stems from its leadership. The 11th position is, therefore, something to crow about and trumpet. And we say spectacular because the country has shown remarkable agility to spot global trends and change course at the right time.

Its carefully considered decision to reach out to investors globally is a testament to its business-friendly policies that have been nurtured over decades. In fact, the UAE has always been open for trade and commerce, but it’s looking East, to India and China, the Asian powers, for new ventures. It first built its reputation as a trading hub and then became an aviation, tourism and real estate destination despite the geopolitical conflicts that engulfed the region every decade since it was born four decades ago. A fine balancing act has helped it keep its standing on the world stage while it pursued liberal, economic and social policies. This has kept capital coming even during bleak times. Dubai alone attracted Dh17.7 billion worth of investments in e-commerce, artificial intelligence, blockchain and fintech. The leadership thinks long term and beyond oil, which has sparked the diversification of the economy. Companies are made to feel welcome in a social setting that is liberal, warm and friendly, and they operate in a secure environment under a progressive government. There are few bottlenecks for starting a business, and red tape is almost non-existent with smart and electronic procedures in place. The real estate sector is mature; power is plentiful and it is easy to send goods across the UAE’s borders. Laws are in place to deal with insolvency. Labour laws are also being amended to protect the expat workforce. Reforms are a constant and a sound regulatory framework make the UAE attractive to industry. Business thrives in the UAE because the government works smart 24/7.