World Bank names KSA best MENA country for business
Number of reforms reflect well on Saudi Arabia’s business reputation
Saudi Arabia’s improved process for dealing with construction permits has led to the country being named the best place to do business in the MENA region, by the World Bank’s International Finance Corporation (IFC).
The IFC announced the ranking in its report entitled ‘Doing Business 2011; Making a Difference to Entrepreneurs’.
KSA was the highest-ranking Arab and Middle Eastern country, listed 11 out of 183 economies globally; up from 67, five years ago.
“Saudi Arabia continues to successfully diversify and build its economy to create opportunities for its citizens,” said Saudi Ambassador to the US Adel A. Al-Jubeir, adding that the ambition is to now reach the top 10.
In addition to the streamlined processes surrounding construction permits, the IFC noted a further three factors which contributed to the ranking; credit approval, trading across borders and closing a business.
Over the last year, the Kingdom has amended a number of legislative processes including the commercial lien law and insolvency.
Saudi Arabia’s economic reforms, including its 2005 membership in the World Trade Organisation, have attracted a growing level of foreign investment.
