Time-Consuming, Complicated and Costly

Middle Eastern nations continue to discourage investment and thwart small and medium sized businesses with heavy legal burdens and piecemeal reforms, a new World Bank report has revealed. The Washington-based organization’s annual Doing Business report provides a global ranking of the investment climates in 155 nations based on key business regulations and reforms undertaken. Entrepreneurs trying to open up or run businesses in the region are challenged by regulatory obstacles every step of the way. In Syria for instance, it takes 63 days, 18 documents, and 47 signatures from the time imported goods arrive at the port until they reach the factory gate. In Oman, it takes seven years to close an insolvent company. In keeping with its neighbors, Lebanon generally scored poorly across the board, with an investment climate hampered by time consuming red tape, high costs and an inadequate judicial sector. The report found that the cost to