Kuwait ranks 61st in World Bank's (Doing Business 2010) report 

(MENAFN - Kuwait News Agency (KUNA)) Kuwait ranked 61st worldwide in the "Doing Business 2010" report of the International Finance Corporation (IFC) and the World Bank, which lauded the government's issuance of legislations that served to reduce procedures pertaining to economic activities.

According to a press release issued Wednesday by the World Bank's bureau in Kuwait, the Middle East and North Africa picked up the pace of business regulatory reform faster than any other region in a year of global financial uncertainty.

The report, titled "Doing Business 2010: Reforming through Difficult Times" finds that between June 2008 and May 2009, 17 of 19 economies in the region passed regulatory reforms to create opportunity for domestic entrepreneurs.
The report is the seventh in an annual series.

"Economies in the Middle East and North Africa are reforming at an impressive rate, and in sustained and comprehensive ways that highlight insights gained from other reformers," said Dahlia Khalifa, an author of the report.

"Governments are paying attention to the quality of business regulation to make their economies more competitive and encourage entrepreneurs. This is always important, but especially during these difficult times," she added.

Egypt moved up to 106 from 116 among 183 economies worldwide in the overall ease of doing business ranking.
Among the world's 10 most active reformers for the fourth time, Egypt made business start-up less costly, expedited the construction permit process, expanded the information available from the private credit bureau, and created commercial courts to speed up contract dispute settlements.

Saudi Arabia rose to 13 from 15 on the ease of doing business-making it the highest-ranked economy in the region-by establishing a one-stop center for business registration and a faster process for construction permits.

The United Arab Emirates moved up to 33 from 47 on the ease of doing business and became one of the world's 10 most active reformers for the first time by eliminating the minimum capital requirement for business start-ups and simplifying registration.

Jordan made it easier to start a business and pay taxes, extended the construction permit one-stop shop to medium-size projects, lowered property transfer taxes, implemented major court reforms, and sped up trade.

Yemen - the world's fastest reformer last year for starting a business - continued to ease business start-up procedures. It also enhanced access to credit information, and expedited trade through a new electronic document submission system.

Algeria improved its construction permit administration and lowered the cost of transferring property, cut business taxes, and made courts more efficient. A private credit bureau opened in Morocco, and Tunisia strengthened investor protections and eased trade rules.

Doing Business analyzes regulations that apply to an economy's businesses during their life cycles, including start-up and operations, trading across borders, paying taxes, and closing a business.

The report does not measure all aspects of the business environment that matter to firms and investors. For example, it does not measure security, macroeconomic stability, corruption, skill level, or the strength of financial systems.