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Saudi Arabia, World Bank sign agreement to establish global knowledge hub

RIYADH — Saudi Arabia’s National Competitiveness Center (NCC) has signed a strategic agreement with the World Bank Group to establish a global knowledge hub aimed at fostering international cooperation and advancing sustainable development.

The initiative seeks to share expertise from Saudi Arabia’s successful economic reforms and leverage the World Bank’s vast experience in supporting member countries achieve their development goals.

The signing ceremony was attended by Minister of Commerce and NCC Chairman Dr. Majid Al-Qasabi and World Bank Group President Ajay Banga on Tuesday.

Dr. Al-Qasabi highlighted the Kingdom's transformative journey in economic and development reforms under the leadership of Crown Prince and Prime Minister Mohammed bin Salman.

He underscored the innovative Saudi competitiveness model developed by the NCC, which has contributed to remarkable advancements in global competitiveness indices.

Dr. Al-Qasabi emphasized that the knowledge hub will act as a vital platform for nations to benefit from Saudi Arabia's and the World Bank’s combined expertise in economic development, helping countries enhance their competitiveness and achieve sustainable growth.

World Bank President Ajay Banga praised the partnership, stating, "The knowledge hub represents a significant stride toward broadening the scope of global knowledge and amplifying its influence, particularly amidst efforts to diversify economies and stimulate policies that foster a more competitive and efficient business environment."

The knowledge hub’s activities will include research, consultancy, knowledge exchange, and capacity-building initiatives. Key areas of focus will include improving the business environment, driving productivity growth, fostering entrepreneurship and innovation, and enhancing trade policies and investment promotion. These efforts will also align with Saudi Arabia’s economic transformation goals.

The hub will be steered by a committee comprising representatives from Saudi Arabia's ministries of commerce, finance, and economy and planning, alongside the NCC and the Saudi Business Center.

Saudi Arabia’s success in implementing over 800 economic reforms has significantly bolstered its global competitiveness rankings.

According to the World Competitiveness Yearbook report by the International Institute for Management Development (IMD), Saudi Arabia now ranks 16th among the world's most competitive economies out of 67 countries.