The World Bank, in collaboration with Saudi Arabia, plans to establish a Knowledge Center in the Kingdom, aimed at supporting the state’s strategic plans and offering necessary advice for implementing essential economic reforms to enhance its competitive capabilities, announced recently in Washington.
The announcement came on the sidelines of the Spring Meetings usually organized by the International Monetary Fund (IMF) and the World Bank.
This new centre aims to foster a culture of economic reform that Saudi Arabia has embraced, especially since the launch of Vision 2030 seven years ago.
Vision 2030 has laid the foundations for economic diversification in the country. Over the past years, Saudi Arabia has risen to the 17th position globally out of 64 countries in the annual Global Competitiveness Report issued by the World Economic Forum, making it into the top 20 competitive nations.
In 2023 alone, the Kingdom improved its standing by seven ranks, bolstered by strong economic and financial performance in 2022.
Economists, speaking to “Al Sharq Al Awsat”, highlighted that the center would enhance Riyadh’s transformation into a hub for international centers and regional headquarters for global corporations.
It is also expected to contribute to the sustainability of ongoing development processes and stimulate all sectors to achieve and maintain competitiveness as a fundamental principle for economic development.
These experts also pointed out the significant role played by the Saudi Ministry of Commerce in developing the trade sector, enhancing its efficiency, meeting global competitiveness requirements, developing the business environment, completing legislative structures, and addressing challenges.
These efforts have made the Saudi business environment one of the most encouraging for companies and institutions of various types.
