Saudi Arabia Advances 8 Positions in Global Competitiveness Index

Saudi Arabia continues to improve legislation and regulations, which is reflected in its performance in international indicators (AFP)
Saudi Arabia continues to improve legislation and regulations, which is reflected in its performance in international indicators (AFP)
TT

Saudi Arabia Advances 8 Positions in Global Competitiveness Index

Saudi Arabia continues to improve legislation and regulations, which is reflected in its performance in international indicators (AFP)
Saudi Arabia continues to improve legislation and regulations, which is reflected in its performance in international indicators (AFP)

The Kingdom of Saudi Arabia is continuing its upward ascent in the global competitiveness rankings in the World Competitiveness Yearbook 2022, published by Switzerland-based International Institute for Management Development (IMD).

According to the Yearbook, Saudi Arabia is ranked as the 24th most competitive economy among the 63 countries covered by the benchmark, up eight positions from a year earlier.

Among its G20 peers, the Kingdom is ranked as the 7th most competitive economy, ahead of countries such as South Korea, France, Japan, Italy, India, Argentina, Indonesia, Mexico, Brazil, and Turkey.

Saudi Arabia made progress in all the four main Competitiveness Factors assessed by the report: from 48th to 31st position in economic performance; from 24th to 19th in government efficiency; from 26th to 16th in business efficiency; and from 36th to 34th in infrastructure.

Saudi Arabia is also ranked among the top 10 countries in the world on many sub-indicators, most notably: adaptability of government policy; digital transformation in companies; employment-long-term growth; public finances; total general government debt; social cohesion; stock market capitalization; gross fixed capital formation; energy infrastructure; electricity costs for industrial clients; cyber security; total public expenditure on education; digital/technological skills; total early-stage entrepreneurial activity; and national culture.

Reacting to Saudi Arabia's positive performance, Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center Majid Al Qasabi, said: “Our positive performance in the World Competitiveness Yearbook 2022 and other similar reputable global benchmarks reflects our robust economic performance.”

“Our standing is the result of Vision 2030’s efficient and effective whole-of-government approach to reform that has enhanced the Kingdom’s global competitiveness,” he added.

“The resiliency of the Saudi economy and its speed of recovery from the pandemic have contributed to making the Kingdom one of the fastest-growing countries in the world,” reaffirmed Al Qasabi.

The World Competitiveness Yearbook is a yearly report that assesses the competitiveness of national economies on four main Competitiveness Factors, 20 sub-factors, and more than 330 sub-indicators.



PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer
TT

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

The Public Investment Fund (PIF) announced on Monday the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator.

Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy, said PIF in a statement.

Al Waha will develop luxury retail outlets in select locations across the Kingdom and feature a variety of merchandise including unique, high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.

Head of Consumer Goods and Retail in MENA Investments at PIF Majed Al-Assaf said: “By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.”

“Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey,” he added.

There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the country - as well as global events being hosted locally - offer new opportunities to generate sustainable travel retail revenues, he remarked.

PIF is unlocking the capabilities of strategic sectors to diversify the Saudi economy, stressed the statement.