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WASHINGTON (Profitable.com) The International Finance Corporation, a member of the World Bank Group, has ranked Saudi Arabia 11th among 183 economies in its latest report, “Doing Business 2011: Making a Difference for Entrepreneurs,” elevating the Kingdom one spot from last year. The position also makes Saudi Arabia the best place to do business in the Middle East and North Africa.
“Saudi Arabia continues to successfully diversify and build its economy to create opportunities for its citizens,” said Saudi Ambassador to the United States Adel A. Al-Jubeir. “Only three years ago, the Kingdom was ranked 38th in the IFC/World Bank report. We aim to soon crack the top-10.”
The IFC notes that Saudi Arabia has made “great strides” in improving its regulatory environment, implementing more than a dozen reforms in the last few years, including:
- Dealing with Construction Permits: Saudi Arabia made dealing with construction permits easier for the second year in a row by introducing a new, streamlined process.
- Getting Credit: An amendment to Saudi Arabia’s commercial lien law enhanced access to credit by making secured lending more flexible and allowing out-of-court enforcement in case of default.
- Trading Across Borders: Saudi Arabia reduced the time to import by launching a new container terminal at the Jeddah Islamic Port.
- Closing a Business: Saudi Arabia speeded up the insolvency process by providing earlier access to amicable settlements and putting time limits on the settlements to encourage creditors to participate.
The “Doing Business” report is one in a series of annual reports compiled by the IFC and World Bank that investigate the regulations that enhance business activities and those that constrain it. Data used in the report are as current as June 1, 2010.
For more information on doing business in the Kingdom of Saudi Arabia, please visit the Embassy website.