RIYADH: The economic reforms of King Abdullah, Custodian of the Two Holy Mosques, has been validated by a recent report – by the International Finance Corporation (IFC), an affiliate of the World Bank - ranking the Kingdom number 11 among 183 countries in terms of ease-of-doing-Business. This is “conclusive evidence” of the success of the King's policies and vision, said Sheikh Saleh Bin Abdullah Kamel, President of the Council of Saudi Chambers of Commerce and Industry. Kamel is also Chairman of the Board of Directors of the Jeddah Chamber of Commerce and Industry (JCCI). He made the comments in a statement to the Saudi Press Agency (SPA), pointing out that this progress confirms the soundness of the policies and regulations adopted by the Kingdom in the financial, commercial and judicial sectors. He said in 2005 the Kingdom leapt to 56th position in the ease-of-doing-business index. The Kingdom had also made several other significant economic reforms related to regulations and policies concerning commercial and industrial activities. Kamel said other measures taken included procedures governing the establishment of companies, foreign trade and the registration of properties. He said continued economic reforms, development of rules and procedures, a crackdown on corruption, easing of bureaucracy, and the larger role allowed for the private sector, have been landmarks during the rule of King Abdullah. Kamel said this has laid a strong foundation for the economy and ensured comprehensive development for everyone. This is best manifested in the steady growth of the Saudi economy, the formation of a favorable investment environment and increases in the volume of foreign and internal investments. He praised the leadership for making such economic growth possible. He said government has adopted an approach that balances reform with caution – resulting in the country being protected from the recent international financial crisis. Dr. Fahd Al-Sultan, an economist, said the ranking is the product of the “great harmony” between legislative and executive bodies. This resulted in government agencies developing and updating their regulations to accommodate international requirements in terms of commerce and investment. He said the private sector considers this ranking a further boost for the Saudi economy, leading to possible further investment and trade spinoffs. He said the Saudi private sector and the Council of Saudi Chambers of Commerce and Industry are aware of the importance of working together to help strengthen the Kingdom's economic position globally.
