JEDDAH: Saudi Arabia has partnered with the World Bank Group to launch a global knowledge hub, designed to leverage expertise for sustainable development.
Through its National Competitiveness Center, the Kingdom signed a strategic agreement with the international organization to support its member countries in achieving developmental goals by sharing expertise in economic reforms.
The deal was signed by President of the WBG Ajay Banga and the Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi, who also serves as chairman of the NCC, according to the Saudi Press Agency.
The Kingdom has implemented more than 800 economic and developmental reforms coordinated through various government entities and sub-committees within the NCC.
These efforts have simplified business operations in priority sectors, leading to Saudi Arabia’s ranking of 16th globally out of 67 countries in the Global Competitiveness Index by the Switzerland-based International Institute for Management Development.
Commenting on the agreement with the WBG, Al-Qasabi emphasized that the deal highlights the Kingdom’s distinguished experience in implementing economic and developmental reforms, supported by Crown Prince Mohammed bin Salman.
He added that Saudi Arabia, through its NCC, has developed a unique competitiveness model that has boosted its global standing and contributed to significant improvements in international competitiveness reports.
“This success has sparked interest from various countries, leading them to seek support in implementing similar competitive models,” the minister said.
Al-Qasabi remarked that the knowledge hub will serve as an international platform for countries to benefit from Saudi Arabia’s and the World Bank Group’s expertise in economic and developmental areas, ultimately enhancing global competitiveness.
Banga said that the hub is a crucial step in expanding global knowledge impact, particularly as economic diversification and policy reforms create more competitive and efficient business environments.
The hub’s activities will include research, advisory services, and knowledge exchange, as well as capacity building and the development of innovative solutions and policies that address drivers of competitiveness, as per SPA.
This includes enhancing the business environment, fostering productivity growth and entrepreneurship, as well as developing small and medium-sized enterprises, innovation, and trade policy. It also covers investment promotion and the development of competitive markets.
The hub will also focus on Saudi Arabia’s economic transformation, including export diversification and trade policies, as well as domestic resource mobilization and public spending.
The steering committee for the hub will include representatives from Saudi Arabia’s Ministry of Commerce, Ministry of Finance, and Ministry of Economy and Planning, along with members from the NCC and the Saudi Business Center.
In April, the NCC and the WBG announced in Washington their intention to establish a knowledge center in Saudi Arabia as part of both sides’ efforts to spread the culture of economic reforms globally.
The announcement was attended by Al-Qasabi, the Kingdom’s Ambassador to the US, Princess Reema bint Bandar bin Sultan, and Banga.
The WBG chose the Kingdom for the hub due to its pioneering efforts over the past seven years in implementing economic reforms, during which an integrated business model was developed, leading to high effectiveness in achieving reform goals and increasing commitment rates, according to SPA.
