The International Finance Corporation, a member of the World Bank Group, has ranked Saudi Arabia 11th among 183 economies in its latest report, “Doing Business 2011: Making a Difference for Entrepreneurs,” elevating the Kingdom one spot from last year. The position also makes Saudi Arabia the best place to do business in the Middle East and North Africa.
“Saudi Arabia continues to successfully diversify and build its economy to create opportunities for its citizens,” said Saudi Ambassador to the United States Adel A. Al-Jubeir. “Only three years ago, the Kingdom was ranked 38th in the IFC/World Bank report. We aim to soon crack the top-10.”
The IFC notes that Saudi Arabia has made “great strides” in improving its regulatory environment, implementing more than a dozen reforms in the last few years.