UAE gains 18 positions in global index of economic freedom – News

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The absence of income tax, low tariffs and ease of starting a business are among the factors that contributed to the country’s ranking



Published: Sun Sep 11, 2022 6:13 PM

Last update: Sun Sep 11, 2022 7:21 PM

The United Arab Emirates saw a massive jump of 18 positions in its ranking in the 2022 World Economic Freedom Report, thanks to the easing of restrictions and the introduction of new visas which both made the country very attractive to foreign investors.

The study, published by the Fraser Institute, ranked the UAE 49th out of 165 countries, down from 67th in the previous report.

The UAE offers investors and expats one of the highest levels of economic freedom in the Middle East. Regionally, Bahrain (39th) tops the list, followed by Jordan (46th). The United Arab Emirates and Israel jointly share the 49th position.

The country’s ranking has been climbing steadily for two years, reaching 7.35 points out of 10: its highest ever recorded.

It was ranked among the best for its low licensing restrictions, easy access to private sector credit, financial openness, zero income tax, ease of starting a business, freedom to own foreign currency bank accounts, low fees, low regulatory restrictions on the sale of real estate, low inflation, non-existence of black market exchange rates and very favorable hiring regulations, among others.

A host of measures have been adopted in the country for the ease of doing business. Abu Dhabi, for example, has reduced the fees needed to set up and renew business licenses by over 94%, eliminating over 71% of business start-up requirements and simplifying several other procedures.

Similarly, Dubai, the financial capital of the region, has also taken several similar measures to facilitate doing business.

Globally, Hong Kong retained its top position in the index, according to the 2022 World Economic Freedom Report. The next best performing countries are Singapore, Switzerland, New Zealand, Denmark, Australia, USA, Estonia, Mauritius and Ireland. .

Among other major countries, Japan is ranked 12th, Canada 14th, Germany 25th, France 54th, India 89th, Russia 94th and China 116th.

The 10 lowest rated countries are DR Congo, Algeria, Republic of Congo, Iran, Libya, Argentina, Syria, Zimbabwe, Sudan and Venezuela.

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