Saudi Arabia Partners with World Bank Group to Drive International Cooperation in Economic Reforms

Saudi Arabia’s National Competitiveness Center has entered into a strategic agreement with the World Bank Group to establish a global knowledge hub with the aim of fostering international cooperation and driving sustainable development through sharing expertise and insights from Saudi Arabia's experience in economic reforms and the World Bank's expertise in supporting member countries reach their development goals.
 The signing ceremony was attended by Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Kassabi and World Bank Group President Ajay Banga. Al-Kassabi highlighted Saudi Arabia's experience in economic and development reforms, supported by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and underscored the distinctive Saudi competitiveness model developed by the National Competitiveness Center over the years, which led to significant advancements in global competitiveness indices.
 He emphasized that the knowledge hub, formalized through the agreement, will serve as a platform for countries to benefit from Saudi and World Bank expertise in the field of economy and development, enhancing their competitiveness.
 Banga said: "The knowledge hub represents a significant stride toward broadening the scope of global knowledge and amplifying its influence, particularly amidst efforts to diversify economies and stimulate policies that foster a more competitive and efficient business environment."
 Activities in the hub include research, consultancy, exchange of knowledge, and capacity building. Focus will be on aspects such as enhancing the business environment, productivity growth, entrepreneurship, innovation, trade policies, and investment promotion, with emphasis on economic transformation in Saudi Arabia.
 The steering committee of the knowledge hub comprises representatives of the Saudi ministries of commerce, finance, and economy and planning, and of the National Competitiveness Center and the Saudi Business Center.
 Saudi Arabia's successful implementation of over 800 economic reforms has led to significant advancements in global competitiveness rankings, placing the country 16th globally out of 67 countries that are identified as most competitive, according to the World Competitiveness Yearbook report by the International Institute for Management Development (IMD).