Bahrain 14th among world’s most competitive markets

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com   

Reported by Julia Cassano

Bahrain ranks 14th overall amongst the world’s most competitive emerging markets and sixth in business fundamentals, labelling the Kingdom as one of the top countries for emerging markets and businesses, according to the 2022 Agility Emerging Markets Logistics Index.

The Kingdom ranked a 4.68 overall score last year and now ranks 5.31 in the 2022 index, highlighting its commitment to accelerating economic growth. The UAE placed third in the index, prioritizing digital capabilities, and recognizing the e-commerce market as a major opportunity.

Additionally, the UAE has doubled down on its long-standing commitment to free international trade, according to the index. Saudi Arabia also ranked highly on the index, placing sixth.

The Saudi government gears towards an economy not reliant on oil, and there have been significant moves for Saudi Arabia to diversify various sectors. The Business Fundamentals Index measures the simplicity of business in a particular market from a regulatory, operational, and commercial perspective.

Also considered, are metrics such as the burden of governmental regulations, the robustness of legislation on property rights, the ability to enforce contracts, the levels of crime and violence, corruption, the quality of infrastructure, and access to credit.

The Index ranks 50 countries in many areas, such as domestic logistics opportunities, international logistics opportunities, business fundamentals, and digital readiness. In the area of business fundamentals, Gulf countries dominated the rankings.

Saudi Arabia, UAE, Qatar, and Oman placed in the top 10 regarding the Business Fundamentals Index. The index states that a reason for the preponderance of Middle Eastern countries in the top 10 is the stability provided to companies by a robust legal system.

Despite the Gulf countries being affected by the pandemic, it has led them to shift towards new strategies to accelerate their economies and reduce their dependence on oil and gas.