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Renowned for its business friendly environment, Bahrain was rated above member GCC states of UAE, Qatar, Kuwait and Oman.
Doing Business 2009 tracks reforms aimed at simplifying business regulations, strengthening property rights, opening up access to credit and enforcing contracts.
The areas of reform undertaken by a government to create an easy place to do business reveal strong evidence of the government's commitment to sound institutions and policies, catalysing investor interest.
The Bahrain Economic Development Board (EDB) is the public agency with overall responsibility for formulating and overseeing the economic development strategy of Bahrain.
Commenting on the announcement, Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of EDB, said:
"We welcome the World Bank's acknowledgement of Bahrain as a leading GCC country for its ease of doing business. This is a direct reflection of the great strides Bahrain has made towards growing and diversifying the economy. Recognition for its efforts from the international community further inspires Bahrain to sustain its position as the Gulf's freest economy, most competitive in terms of operating costs and easiest place to set up business."
The Kingdom's success for its existing business environment is reflected by the government's dedication to promote free trade, and to maintain a strong regulatory system that is attractive to corporations from across the world.
These two aspects are helping Bahrain to increasingly become the location of choice in the Gulf. Underpinning Bahrain's free economy is a well developed regulatory system.
The Central Bank of Bahrain - recognised as the region's foremost regulator - offers business friendly regulations to international standards.
Corporate accounting also follows International Accounting Standards and all the major international firms are represented in the Kingdom.
Bahrain's economy is one of the most rapidly growing in the Gulf and in the world.
As the freest market in the Middle East and North Africa, Bahrain offers many attractive opportunities to individuals and companies looking to establish a base of operations in the Gulf.
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Posted by Eman Hassan
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