The UAE’s stellar performance in two economic surveys is set to boost its chance to win the bid to host World Expo 2020.
The UAE has moved to No 4 position globally in the ‘Trading Across Borders’ category, up from its fifth rank in 2013, according to Ease of Doing Business Report 2014 released by the World Bank and the International Finance Corporation.
The UAE has also retained its top position in the Middle East and North Africa region in the same category. The country jumped three slots this year to the 23rd place in the world.
Out of 189 economies ranked for this year’s report, the UAE was ranked the best place in the world for ease of paying taxes and fourth for ease of getting electricity, registering property and trading across borders. It is the fifth best globally in terms of dealing with construction permits heading the countries competing to host Expo 2020.
According to the report, trading procedures in the UAE match or surpass those in high-income member economies of the Organisation of Economic Cooperation and Development (OECD).
For example, time to export and import in the UAE is seven days while it’s 11 days to export and 10 days to import in OECD countries. In the Mena region, it’s 20 and 24 days respectively. Cost of importing and exporting is much less in the UAE compared to OECD and Mena regions, the report added.
According to another survey, consumer confidence level in the UAE soared four points in the third quarter as the Emirates reinforced its position as the only country in the Middle East to be ranked among the top five countries in the world with the most bullish sentiments.
A new Nielsen survey said the UAE also decisively enhanced its global ranking to the fourth position from seventh in the previous quarter with a score of 111, up four points on the previous quarter’s 107, while Saudi Arabia slipped from the 10th rank it scored in the second quarter.
Among the world’s top five, the UAE is the only country that could critically raise its score. Indonesia with a score of 120 remained the most bullish consumer market worldwide, although it scored four points less.
The Philippines (118) and India, as in the previous quarter, came second and third but confidence levels in those two emerging markets dipped. Consumer confidence score in India in the third quarter was at 112 compared with 118 in the previous quarter.
Brazil also witnessed a fall in confidence level.
Consumer confidence in Hong Kong, which shared with the UAE the seventh position in the second quarter, also suffered a setback by dropping one point to 106. -news@khaleejtimes.com (With inputs from Wam)
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