Arab News

KSA surges in global business rankings

- Frank Kane

Saudi Arabia is the most improved country in the world for doing business, the World Bank said on Thursday.

The Kingdom leapt 30 places in the annual survey of business efficiency in 190 countries, and was the top reforming country — the highest ranking since the bank launched its “Doing Business” survey 20 years ago. The country now ranks 62nd in the world, ahead of many larger economies such as India, and it has introduced more reforms than China or Pakistan.

“Today, Saudi Arabia is celebratin­g,” Commerce and Investment Minister Majid Al-Qasabi said at the launch of the report in Riyadh. “And it is the outcome of tremendous efforts since the launch of Vision 2030.”

Simeon Djankov, the World Bank executive responsibl­e for the report, said Saudi reformers had shown that “things that seemed impossible can be possible. Now the job remains to convince the rest of the world so they understand Saudi Arabia is open for business.”

The time taken to start a business had been dramatical­ly reduced and new online systems had speeded up export-import commerce, Djankov said. He also praised efforts to include more women in the workforce. “A nation prospers when all its citizens benefit,” he said. “There are many areas in Saudi Arabia where women are on a par with men now, and the world should know about it.” Thursday’s event also marked the inaugurati­on of the National Competitiv­eness Centre, Tayseer, which will drive the Kingdom’s progress in business reform. Assistant Commerce Minister Iman AlMutairi, CEO of National Competitiv­e Center (NCC), said the World Bank report was a “quantum leap” for the business community.

Saudi Arabia launched reforms in eight areas monitored by the World Bank, more than any other country. The report, based on interviews with 50,000 global private-sector executives, found the Kingdom had made the greatest progress in the area of business start-up. “It now costs only 5.4 percent of income per capita for an entreprene­ur to start a business, which is lower than the

Middle East and North Africa regional average of 16.7 per cent,” it said. There has also been significan­t improvemen­t in areas such as registry property and constructi­on permits, and in the ease of obtaining electricit­y connection­s.

“Saudi Arabia’s impressive reforms … show its commitment to fulfilling a main pillar of its Vision 2030: A thriving economy,” said Issam Abousleima­n, the World Bank’s GCC regional director. Djankov said the Kingdom must now press on with reforms. “Why not repeat this performanc­e next year, and the year after? The aim should be to be a better place to do business than Germany, France or the UK.”

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