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October 28, 2015 | 10:00 | Dubai
UAE is the Middle East and North Africa region’s highest ranked economy in the World Bank’s annual ease of doing business measurement and is now ranked 31st out of 189 countries. In the global ranking stakes, Singapore retains its top spot. Joining it on the list of the top 10 economies with the most business-friendly regulatory environments are New Zealand, in second place; Denmark (3); Republic of Korea (4); Hong Kong SAR, China (5); United Kingdom (6); United States (7); Sweden (8); Norway (9); and Finland (10).
Among the reforms that made it easier to do business in the UAE are steps such as making dealing with construction permits easier by streamlining the process for obtaining the civil defense approval; making getting electricity easier by reducing the time needed to provide a connection cost estimate; strengthening minority investor protections by barring a subsidiary from acquiring shares in its parent company and by requiring that a potential acquirer, upon reaching 50% or more of the capital of a company, make a purchase offer to all shareholders; and fourth, making enforcing contracts easier by implementing electronic service of process, by introducing a new case management office within the competent court and by further developing the “Smart Petitions” service allowing litigants to file and track motions online, the World Bank said.