UAE rises in World Bank business standings

23/10/2012 - Dubai Investment News Posted by Neil King
UAE rises in World Bank business standings

The UAE has performed well in the World Bank's latest Ease of Doing Business Report 2013, moving up from 33rd to 26th globally.More and more companies are setting up bases in places like Dubai, as the emirate has fast become a hub for world trade.It is one of just three nations in the Middle East and North Africa to improve its ranking and is the second best place to set up an enterprise in the Arab world - behind Saudi Arabia.Speaking to Gulf News, secretary general of the Emirates Competitive Council Abdullah Lootah said the upgrade reiterates the fact that the UAE is heading along the right path in its quest to become one of the most prosperous countries on earth by 2020.Meanwhile, secretary general of the Dubai Executive Council Abdulla Al Shaibani said a lot of work goes into making Dubai a focal point for global business."We are delighted with the advanced rank the UAE has achieved in the Ease of Doing Business Report," he was quoted as saying."This accomplishment is a reflection of our ongoing efforts to create a supportive environment that encourages growth, attracts investments, and therefore become more profitable and successful."With the global economy still looking very fragile, it is encouraging to see the UAE performing so strongly and it is currently a very attractive investment destination.One thing that has helped the country's cause is its excellent trade links with the most prosperous nations on the planet.Indeed, figures released by the Ministry of Foreign Trade last month showed that the UAE has formed a strong relationship with China - which has the second largest economy in the world behind the US.The organisation revealed that business activity between the two nations increased by an incredible 395 per cent in the past ten years and experts believe that this momentum will continue in the future.