Oman jumps 10 spots in 'Ease of Doing Business 2020’ index

Muscat: The Sultanate of Oman jumped 10 places in the Ease of Doing Business 2020 report and now ranks at the top in the Gulf Cooperation Council countries in the cross-border trade index as a result of continuous improvement in legislative and executive measures, according to a World Bank report.

A statement by Oman's Government Communication Center (OCC) said: ”The Sultanate has jumped 10 places in the 'Doing Business 2020' report, ranking 68th in the world for 2019, while in 2018 it was 78th.”

"Doing business is meant to be a measure of efficiency that is affecting on ten fields of business of 190 economies." OCC added

A statement by Oman News Agency said: ”In Cross-border trade, Oman has been ranked 64 globally and the first in GCC. While in 'starting a business activity’, the Sultanate ranks 32 globally and the second in the GCC.

There are several other fields in which Oman has achieved globally: Building Permits (47th), Access to Electricity (35th), Property Registration (52nd), Investor Protection (88th), Pay taxes ( 11th ) enforce contracts ( 69th).”

OCC added, ”Globally, Oman ranked fourth in the overall ranking of the index. The factors that have contributed to the facilitation of doing business in the Sultanate are the excellence of the Sultanate in providing services and facilities in various fields.”

"In the field of access to electricity index, it was distinguished in the service of prepaid meters and in determining the period of time to provide the service. In the field of property registration, it has been distinguished in reducing the time required for the issuance of title deeds and in improving the land management system by publishing the service manual and clarifying the procedures of transfer of property. And about the Investor protection Index, The Sultanate has been distinguished in increasing shareholders' equity and clarifying property and oversight structures. As for the field of ​​cross-border trade index, it was characterised by the development of infrastructure in the port of Sohar and the introduction of risk-based inspections, pre-clearance and audits,” the World Bank report added.