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Saudi Arabia Ranks 16th in IMD World Competitiveness Yearbook 2024

Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
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Saudi Arabia Ranks 16th in IMD World Competitiveness Yearbook 2024

Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)

The Kingdom of Saudi Arabia ranked 16th out of 67 of the world's most competitive countries, according to this year's Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook.
This annual report offers benchmark services for countries and companies, providing insights into what makes companies competitive; it is prepared by the National Competitiveness Center in collaboration with concerned government agencies, the Saudi Press Agency reported on Tuesday.
This year's ranking reflects a one-position improvement for the Kingdom, driven by advancements in business legislation and infrastructure. This places Saudi Arabia in 4th place among G20 countries.
The business efficiency axis specifically saw progress, moving from the 13th to the 12th rank. While infrastructure remains in its 34th position, the Kingdom continues to be strong in both economic performance and government efficiency, staying within the top 20.
Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Qasabi attributed the positive results to the economic transformation process championed by the Kingdom's government under the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia.
The economic reforms carried out have propelled the Kingdom to the top three positions in 24 key indicators. Notably, it secured the global top spot in crucial areas like long-term employment growth, social cohesion, long-term labor market growth, awareness about the need for economic and social reforms, cybersecurity, and internet user penetration per thousand residents.
Saudi Arabia secured second place globally in indicators such as digital transformation in companies, stock market capitalization, venture capital availability, technological development and application, and access to financing for technical advancements.
The Kingdom ranks third place globally in several areas, including trade, economic resilience, government adaptability to economic changes, unemployment legislation, and overall early stage entrepreneurial activity.

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Business

Acwa-WTCO Consortium Holds Preparatory Meeting in Syria to Launch Water Partnership Studies

The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
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Acwa-WTCO Consortium Holds Preparatory Meeting in Syria to Launch Water Partnership Studies

The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)

The consortium comprising the Water Transmission Company (WTCO) and Acwa Power held on Monday a preparatory meeting in Damascus on the tripartite agreement concluded with the Syrian Ministry of Energy.

The meeting aimed to activate the agreement's provisions and develop an implementation plan to support and develop water sector projects in Syria.

The agreement aims to prepare preliminary feasibility studies based on an assessment of Syria's current water resources, determine current and future water needs, and examine the optimal mix of seawater desalination and the use of surface and groundwater resources.

This will pave the way for the development of integrated water desalination and transmission projects with production and transmission capacities of up to 1.2 million cubic meters per day, with transmission networks extending approximately 400 kilometers.

The meeting reviewed the work plan and reaffirmed the agreement's objectives and implementation timeline. It also covered the allocation of tasks and mechanisms for communication and joint work among the consortium parties and the consulting and implementing entities.

Business

Saudi Arabia, Australia Discuss Climate Cooperation Opportunities

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
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Saudi Arabia, Australia Discuss Climate Cooperation Opportunities

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Jeddah on Monday with Australian Minister for Climate Change and Energy Chris Bowen.

They discussed opportunities for cooperation on climate action and joint efforts in connection with the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31), scheduled to be held in Türkiye in November this year.

Talks focused on advancing the objectives and principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, with a view to achieving inclusive, balanced and practical outcomes that take into account the national circumstances of member states.

They reviewed Saudi Arabia’s initiatives and efforts to address the impacts of climate change, including the deployment of renewable energy, emissions management, reduction and removal, the Saudi Green Initiative, as well as the implementation of the Circular Carbon Economy approach and its technologies and other national and regional programs and initiatives.

Bowen toured the Shuaibah Solar Power Project, one of the largest projects under Saudi Arabia’s National Renewable Energy Program.

His visit also included a tour of Historic Jeddah, one of the Kingdom’s leading cultural and tourism destinations, as well as a visit to King Abdullah University of Science and Technology (KAUST), where he was briefed on the university’s research environment and academic programs in science, engineering and biotechnology.

Business

Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
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Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters

Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports.

The rebound came following a recovery in exports via the Strait of Hormuz, ⁠which were set ⁠to hit about 7.4 million bpd this month, as Saudi Arabia diverted oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline, the preliminary data showed.

While exports from the region - which includes Saudi Arabia, the United Arab Emirates, Iraq, Oman, ⁠Qatar, Kuwait, Iran - have rebounded, they were still about 6 million bpd down from 18.8 million bpd in February, according to Kpler.

The region's top exporter Saudi Arabia was on track to ship about 5.4 million bpd this month, rebounding from 2.446 million bpd in August, the data showed, according to Reuters.

September shipments from the Ras Tanura port in the Gulf jumped to about 3.6 million bpd, from 929,000 bpd in August, but still lower than the 6.411 million bpd ⁠recorded in ⁠February, according to the data.

A total of 19 very large crude carriers, carrying 2 million barrels of Saudi oil each, exited the Strait of Hormuz last week, Kpler data showed.

The figures exclude any vessels that might have crossed the strait with their Automatic Identification System transponders turned off to avoid detection.

Before the Iran war started on February 28, the strait typically handled about 125 large commercial vessels per day, including tankers, gas carriers, bulkers and container vessels, accounting for some 20% of the world’s daily crude oil and liquefied natural gas supply.