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World Bank: We Support Saudi Reform Program

World Bank: We Support Saudi Reform Program

Tuesday, 21 November, 2017 - 11:00
Country Director of the GCC Countries in the Middle East and North Africa region of the World Bank Nadir Mohammed (Asharq Al-Awsat)

World Bank confirmed its full support to the Saudi economic reform program represented by Vision 2030 in all fields, stating that Saudi Arabia is one of the top 20 reformist countries and also the among the top in terms of improving business climate.

Country Director of the GCC Countries, Middle East, and North Africa region of the World Bank Nadir Mohammed stated that the kingdom has an ambitious reform program aiming at promoting the Saudi economy and creating jobs for all social groups especially the women and youth.

Speaking to Asharq Al-Awsat, Mohammed said that the World Bank supports this reform program that encompasses several aspects such as social, economic, health, education, and energy sectors. He indicated that the program aims at economic diversity and end oil-dependency.

World Bank worked with the Saudi government on reforming business environment and encourage investments, according to Mohammed who added that business report 2017 showed that Saudi Arabia is among top 20 reformist countries in the world and the second among top countries with high income and G20 for the reforms done to enhance the business world.

Country Director Mohammed pointed out that such reforms will send a strong message to investors attracting them to the Saudi market and assures the World Bank that Saudi Arabia is on the right track to achieve Vision 2030.

Mohammed indicated that during 2016, Saudi Arabia had done a record number of 6 reforming procedures to further improve investment and work environment, which is the largest number done this year in the Middle East and North Africa region.

Saudi Arabia's distance to frontier index increased 2.93 points, positioning it in the second place following Brunei which had 5.77 points.

The Country Director reiterated that the great advancements achieved by Saudi Arabia during a year is a strong indication to the kingdom's commitment to the reform program.

Since 2003, Saudi Arabia had executed 30 reform procedures including six related to trade business, followed by 5 linked to land registration and 4 to credit, pointed out Mohammed.

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