The World Bank, in cooperation with Saudi Arabia, intends to establish a knowledge center in the Kingdom to support countries in implementing necessary economic reforms to bolster their competitive capabilities.
The center, which was announced in Washington on the sidelines of the spring meetings of the International Monetary Fund (IMF) and the World Bank, aims to spread the culture of economic reforms undertaken by the Kingdom in view of its experience during the last seven years since the announcement of Vision 2030, which established the rules for economic diversification in the country.
Saudi Arabia ranked 17th globally in the Global Competitiveness Yearbook (WCY) report, issued by the Global Competitiveness Center. It advanced seven places in the 2023 edition, supported by strong economic and financial performance in 2022.
According to economists who spoke to Asharq Al-Awsat, the center will boost the transformation of Riyadh into an incubator for global centers and regional headquarters for international companies.
It will also contribute to the sustainability of the ongoing development process and stimulate all sectors to achieve competitiveness as a basis for economic development.
Speaking from Washington on Friday, Saudi Minister of Commerce Dr. Majid Al-Qasabi said this step emphasizes the great progress his country has achieved in global competitiveness reports and indicators, thanks to economic reforms implemented with the support and directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister.
Minister of Economy and Planning Faisal Al-Ibrahim said the World Bank Group’s announcement that it had chosen the Kingdom as a knowledge center reflected Saudi Arabia’s pioneering role and its constant efforts to enable countries to build institutional capabilities to adapt economically to global changes.
Member of the Shura Council and Economic Expert Fadl Al-Buainain told Asharq Al-Awsat: “The Kingdom today is reaping the fruits of its economic reforms that it launched with Vision 2030 in 2016.”
“All the transformation and diversification plans that the economy is witnessing, in addition to the completion of the legislative frameworks related to the economic sectors, is the result of radical reforms led by Crown Prince Mohammed and implemented by government agencies according to a strategic vision and specific goals,” he stressed.
