Recently released, the 2017 Economic Freedom Index shows an impressive improvement among Gulf Cooperation Countries (GCC) and countries in Middle East and North Africa (MENA) region in the ranks. The two freest economies in region this year are the UAE and Qatar. At the same time, one of the largest foundations in the world announces private companies in the UAE to play an important role in the economic freedom displayed by the country. Our company registration agents in Dubai can assist foreign investors interested in starting business here.
According to this year’s survey GCC and MENA countries have registered the greatest changes marked by improvements in terms of economic freedom, with the UAE and Qatar leading the charts. Moreover, the UAE outranked Bahrain this year, mostly because of the higher number of private companies which now play an important role in the country’s economy.
It is worth noting that the Economic Forum Index gathers data from 180 countries, and this year, the UAE ranks 8th, 17 positions higher than in last year’s report. Among the factors based on which countries are ranked are legislation, property rights, corruption (better said the lack of it), employment regulations, monetary and fiscal freedom, market openness for trade and investment. According to this year’s survey the UAE scored almost the whole 100 points when it comes to monetary and fiscal freedom.
Apart from the financial soundness which weighs a lot in reports like the Economic Freedom Index, the business environment was also appreciated in the survey, as it is considered “essential for sustaining economic growth”. The UAE was also commended as one of the mostly-free economies together with Qatar, while all other GCC countries being placed among the moderately-free economies. The UAE also ranks high in terms of foreign investments, given the fact that private companies are now close to equaling the public sector in terms of contribution to the economy.
Foreign investors interested in opening companies in the UAE, can contact our company incorporation consultants in Dubai who can help them with the company formation procedures.