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Saudi Arabia among world’s top 10 improvers – WB

Saudi Arabia among world’s top 10 improvers – WB
Saudi Arabia carried out a record of eight reforms in 2018

Riyadh – Mubasher: The World Bank Group’s (WB) “Doing Business 2020” report showed that Saudi Arabia is among the world’s top 10 improvers.

In 2019, the Arab region hosted other three of the world’s top 10 improvers besides Saudi Arabia, are:  Jordan, Bahrain, and Kuwait, according to the report released on Thursday.

The UAE Emirates remained the strongest performer overall in the region, placing the 16th out of 190 countries on the ease of doing business rankings.

“It is a year of records for economies in the Middle East and North Africa, and we are committed to continuing our support to all countries in the region,” Ferid Belhaj, WB regional vice president for the Middle East and North Africa (MENA) commented.

Belhaj added that the next generation of reforms should focus on transparency, fair competition and good governance to make MENA open for business and attract investments needed to create jobs for youth and women.

“Saudi Arabia, this year’s top improver (based on the increase in its overall ease of doing business score), carried out a record of eight reforms in the past year,” WB said.

The kingdom established a one-stop-shop for company incorporation and eliminated the requirement for married women to provide additional documentation when applying for a national identity card.

In addition, it made importing and exporting faster by enhancing the electronic trade single window, enabling risk-based inspections, launching an online platform for certification of imported goods, and upgrading infrastructure at Jeddah Port.

“Other reforms led to improving access to credit, strengthening minority investor protections and facilitating the resolution of insolvency,” the report concluded.