UAE best at resolving insolvency in the region: World Bank

Nation ranked first globally in Getting Electricity and Paying Taxes topics

The UAE topped the region in the World Bank’s Ease of Doing Business ranking 2018 and ranked 21st globally. It has also recorded the highest jump in resolving insolvency in World Bank ranking.

The World Bank’s report acknowledged the country’s efforts to improve procedures and laws related to the process of establishing companies and facilitating procedures for both domestic and foreign investors.

The World Bank report this year officially documented improvements in the following topics: dealing with construction permits, getting electricity, access to credit and resolving insolvency.

The UAE is among the top 10 countries in the world in five of the main topics of the report: issuing building permits, getting electricity, registering property and protection of minority investors.

“We are very excited with the UAE’s progress in this report and achieving 21st position in the world. I am also proud of the role played by Dubai government entities, which represents the UAE in many topics of this report,” said Abdullah Mohammad Al Basti, Secretary General of the Executive Council of Dubai and member of the Board of Directors of the Federal Competitiveness and Statistics Authority.

Areas of concern

The Doing Business report, issued by the World Bank and the International Finance Corporation in Washington, assesses 190 countries that are subject to government measures that affect 10 areas of business life. They are starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts; and resolving insolvency.

According to the World Bank report governments in 119 economies carried out 264 business reforms in the past year to create jobs, attract investment and become more competitive.

Marking its 15th anniversary, the report notes that 3,188 business reforms have been carried out since it began monitoring the ease of doing business for domestic small- and mediumsized enterprises around the world.

“Job creation is one the transformational gains that countries and communities can achieve when the private sector is allowed to flourish. Fair, efficient and transparent rules, which Doing Business promotes, improve governance and tackle corruption,” said World Bank CEO Kristalina Georgieva.

The economies of the Middle of East and North Africa implemented 29 reforms in the past year. The region has implemented 292 reforms in the past 15 years. As a result, it takes 17 days on average to start a business in the region, compared to 43 days in 2003. However, the region lags on gender-related issues, with 14 economies imposing additional barriers for women entrepreneurs.

This year’s top 10 improvers, based on reforms undertaken, are Brunei Darussalam (for a second consecutive year); Thailand, Malawi, Kosovo, India, Uzbekistan, Zambia, Nigeria, Djibouti, and El Salvador. For the first time, the group of top 10 improvers includes economies of all income levels and sizes.