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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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Qatar Issues New Law to Nationalize Jobs in Private Sector

A general view of Doha, Qatar. (QNA)
A general view of Doha, Qatar. (QNA)
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Qatar Issues New Law to Nationalize Jobs in Private Sector

A general view of Doha, Qatar. (QNA)
A general view of Doha, Qatar. (QNA)

Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani issued on Sunday a new law to nationalize jobs in the private sector.

The law will be effective six months after it is published in the official gazette.

This legislation aligns with Qatar National Vision 2030 and will facilitate strategic investments and create opportunities for employment and training for Qatari citizens, the Ministry of Labor said in a statement.

The law supports the Third National Development Strategy, which aims to effect a fundamental transformation towards a more productive labor market, focusing on high-skill jobs.

The Ministry said this transformation will be achieved by leveraging a highly skilled Qatari talent pool while also attracting foreign talents with advanced skills.

It noted that the law seeks to significantly increase the effective participation of the national workforce in private sector institutions and companies, opening up new employment and career opportunities for Qataris, thereby maximizing the utilization of qualified national competencies.

The law aims to encourage Qatari participation in the private sector, ensure job stability for national cadres, develop the professional skills of the national workforce, meet the labor markets demand for qualified personnel, and incentivize private sector companies and establishments to increase the participation of the national workforce, it added.

The entities subject to nationalization under the law include employers who are natural persons managing private establishments registered in the commercial register, commercial companies operating in the state, whether state-owned, state-participated, or privately owned, and private non-profit institutions, sports institutions, associations, and similar entities, it explained.

The new law also grants many benefits, facilities and privileges to those covered by the integration plan, it added.

More than 2.5 million foreigners live and work in Qatar, with about two million working in the private sector.