The UAE has been ranked first regionally and fourth globally in the World Competitiveness Yearbook 2012’s report in the indicator of procedures to start a business, up by 12 ranks compared to the past year. The UAE — as a result of this report released by the International Institute for Management Development — outshone the United States, the United Kingdom, France and China. The feat denotes how important the UAE is as a pivotal hub to running businesses in the world on one hand, and how it developed key factors needed to build a successful business milieu that supports its efforts to achieve the sustainable economic prosperity on the other. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that the Ministry of Economy is constantly working on promulgating and updating the rules and regulations governing and prompting the economic business environment, developing the national industries and exports, encouraging investment and organising the small- and medium enterprises-sector, maintaining consumer and intellectual property rights. Al Mansouri underscored that the UAE government is well cognizant of the significance of efforts to establish and enhance a proper milieu to start flexible and smooth businesses. According to statistical figures released by the local economic departments in the country, there is a noticeable growth in the number of new companies that have been registered at the beginning of 2012.