Saudi Arabia top reformer in the GCC, says World Bank

Saudi Arabia was the top reformer among the six-member economic bloc of GCC, implementing six reforms in the past year as Opec’s biggest oil exporter continues to transform its economy and opens the kingdom up for foreign investments.

Improving efficiency of the land administration system and strengthening minority investor protections, are among the reforms that helped the Arab world’s biggest economy earn the accolade, World Bank said.

The GCC states, which account for about a third of world’s proven oil reserves, have implemented 103 reforms in total the past 15 years, representing more than a third of all reformative moves carried out in the Middle East and North Africa (Mena) region, the report said. The UAE has adopted 33 reforms over that time period, the highest number in the Gulf, followed by Saudi Arabia with 30 reforms in the past decade-and-a-half.

READ  Saudi Fast Facts

Source Credit: The National
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