Saudis urged to loosen binds on outsiders

* username: rupertbu

For years, Saudi Arabia has aggressively pursued its so-called 10x10 plan. This is an effort to become one of the 10 easiest countries in which to do business by 2010, as ranked by “Doing Business in the World”, a guide published in affiliation with the World Bank.

The goal seems to be almost in reach. Last year, the kingdom moved up to become the 13th easiest economy out of the 183 reviewed in the rankings, up from 15th in 2008. The progress is remarkable given that when the kingdom began its round of economic, financial and legal reform in 2004, it was ranked a lowly 67th overall.

Saudi Arabia has made strides, particularly by opening one-stop shops for foreign investors and in securities regulation, but it lags behind in categories such as “enforcing contracts”, where it fell two places to 140th last year, and “employing workers”, where it fell to 73rd.