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Reasons for improved ranking include zero income tax, low tariffs and easy access to private sector credit
The UAE jumped 18 places in the World Economic Freedom Report 2022 thanks to the easing of restrictions and the introduction of new visas, both of which make the country highly attractive to foreign investors. and invest.
The study, published by the Fraser Institute, ranked the UAE 49th out of 165 countries, up 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) topped the list, followed by Jordan (46th), while the UAE and Israel tied for 49th.
The country’s ranking has grown steadily over the past two years, reaching a score of 7.35 out of 10: the highest score ever.
The UAE ranks high for its low licensing restrictions, easy access to private sector credit, financial openness, zero income tax, ease of starting a business, freedom to have a foreign currency bank account, low tariffs, low regulatory restrictions on the sale of real estate, low inflation, no black market exchange rate, and Highly friendly recruitment regulations etc.
The country has adopted a series of measures to facilitate doing business. Abu Dhabi, for example, has reduced the fees required to set up and renew a business license by more than 94%, eliminated the requirements for setting up a business by more than 71%, and simplified several other procedures.
Likewise, Dubai, the financial capital of the region, has taken several similar measures to facilitate doing business.
Globally, Hong Kong maintains its leading position in the index, according to the 2022 World Economic Freedom Report. The countries with the second highest scores were Singapore, Switzerland, New Zealand, Denmark, Australia, the United States, Estonia, Mauritius and Ireland.
Among other major countries, Japan ranks 12th, Canada 14th, Germany 25th, France 54th, India 89th, Russia 94th and China 116th.
The 10 countries with the lowest ratings were the Democratic Republic of Congo, Algeria, Republic of Congo, Iran, Libya, Argentina, Syria, Zimbabwe, Sudan and Venezuela.
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