Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has affirmed that the UAE is a global hub for innovation, entrepreneurship, and investment.
Sheikh Mohammed said attributed this achievement to the significant efforts 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.
“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 competitiveness indices,” Mohammed added as reported by WAM & the Dubai Government Media Office.
Sheikh Mohammed made his statement following the results of the World Bank’s Ease of Doing Business 2019 Report where the United Arab Emirates moved up to 11th overall this year.
According to the report, the UAE is the best-performing country in the Middle East and North Africa region. The UAE is fast closing in to become one among the top 10 in the Ease of Doing Business ranking of 190 countries by the World Bank.
The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to May 2018.
Among the ten topics, the UAE scored very high on factors such as getting electricity connection (with a top score of 1), paying taxes (2), dealing with construction permits (5) registering property (7), Enforcing of contracts (9) and protection of minority investors (15).
The UAE scored first position in getting an electricity connection, second in ease of paying taxes, fifth in dealing with construction permits, seventh in registering property and ninth in enforcing of contracts
According to the report, the UAE is the best-performing country in the Middle East and North Africa region.
The country made getting electricity easier by eliminating all costs for commercial and industrial connections of up to 150 kVA.
It ranked first in the getting electricity subcategory and has also taken measures to modernize its judiciary with training for improved efficiency.