Saudi Arabia moves up in ease of 'doing business' index

Saudi Arabia has advanced two spots in the World Bank’s annual ease of doing business rankings (Doing Business 2016), as it made headway in the areas of registration and electricity.

The kingdom, which secured the 82nd position, was recognized for its new computerized land registry system, which enables business owners to register properties in only six days. It also introduced of a one-stop center at its commerce ministry which merged registration procedures and also streamlined its process for obtaining construction permits.

The United Arab Emirates (UAE) once again led the Middle East and North Africa (MENA), as it retained its position as the region’s top-ranked economy. However, it slipped nine spots this year to rank 31st. 

The UAE still fared much better than its peers as Qatar placed 68th, followed by Algeria (163), Egypt (131), Iran (118), Morocco (75) and Tunisia (74).

However, looking at overall progress in the MENA region, the study revealed that there is a lot room for improvement.

“The share of economies reforming in the region remains lower than the global average, and getting credit is harder in the Middle East and North Africa than anywhere else, partly due to the absence of comprehensive credit bureaus that provide information relevant for assessing creditworthiness,” said Rita Ramalho, manager of the Doing Business project.