Jordan, Bahrain and Kuwait are among the top 10, while Riyadh is the first in reforming the business environment worldwide
Mustafa Ansari is a writer and journalist [size=16]@mustfaalansari
Friday 25 October 2019 2:09
[size=17]The World Bank's Ease of Doing Business ranked Saudi Arabia as the most reformed business environment among the 190 global economies studied by the report, which the Saudis said restored their reforms, which came amid a highly tense and complex regional and international situation.
The bank announced on Thursday 25-10-2019 monitored 294 regulatory reforms between May 2018 and May 2019, which facilitated 115 economies in the world to do business, stressing that the first 10 economies where the most significant improvement, were from "Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India and Nigeria. "
While documenting the economies of sub-Saharan Africa, Latin America and the Caribbean, economies are lagging behind in the reform race, with the exception of Nigeria and Togo.
However, the World Bank report did not stop at all, but announced the location of each country of 10 indicators, which considered progress as a measure of ease of doing business, according to an annual monitoring mechanism, the report used to report results on October 24 (each year) each year.
The ten indicators consist of: starting a business, obtaining building permits, obtaining electricity, registering property, obtaining credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency cases. Saudi Arabia moved from 92nd to 62nd globally, with uneven progress on all indicators except "insolvency settlement." Regulation of corporate bankruptcy is still fresh in the country and has not yet been translated into steps the World Bank report can monitor.
In the footsteps of 2030
The Saudi Ministry of Trade and Investment celebrated the results as a worthy achievement and spurred further bidding. "I congratulate the dear country for its outstanding achievement as the most advanced and reformed country among 190 countries around the world in the World Bank Group's Ease of Doing Business 2020 report," Minister Majed al-Qasabi said.
This is due to the reforms launched by the Saudi crown prince in what is known locally and globally as the Saudi Vision 2030, an economic plan that intersects with the political, social and all aspects of life in the country, which Prince Mohammed bin Salman said is in a hurry to reconcile with the demands of Their youth and their aspirations to live like the rest of the world.
Al-Qasabi believes that what he called “the qualitative leap achieved by the Kingdom with 30 ranks in the report, is one of the fruits of Vision 2030, and motivates us to do more to improve the business environment and raise the Kingdom's competitiveness to reach the ranks of the 10 most competitive countries in the world.” The minister's comment on the World Bank's ease of doing business came after his ministry achieved the highest number, with the "Starting a business" index in his country jumping more than 100 ranks at once, while last year stood at the ceiling of 141, and rose in the new report to the 38th position among the Countries of the world.
While the rest of Saudi Arabia had a language of celebration similar to the results described by Saudi Vision 2030 as "unprecedented" in its history, the National Center for Competitiveness in Saudi Arabia led a large-scale campaign, to use the new figures in the re-consideration of the Saudi market, which is preparing on 29 October to receive thousands Economists and experts from most countries of the world at the conference "the future of investment", which some Saudis call "Davos desert", in exchange for economic deals expected to witness this year.
After the failed attempts to abort its previous session, due to the recruitment of regional and international parties, the killing of Saudi journalist Jamal Khashoggi in questioning the capabilities of Riyadh to build an economy based on international indicators and competitiveness, not the rent that mortgaged the country for a long time at the price of a barrel of oil, before the New Testament attempts to diversify The kingdom's rich sources of income, according to its officials, have vast untapped resources so far.