Saudi Arabia, World Bank To Establish Knowledge Centre for Economic Reforms
Saudi Arabia’s National Competitiveness Centre (NCC), in collaboration with the World Bank Group, announced plans to establish a knowledge centre in the Kingdom, aimed at fostering global economic reforms.
The announcement was made in Washington, D.C., highlighting Saudi Arabia’s progress in global competitiveness as a result of extensive economic reforms initiated under the guidance of Crown Prince Mohammed bin Salman.
The new knowledge center will serve as a hub for sharing Saudi Arabia’s reform experiences and enhancing regional and global competitiveness collaborations. It aims to leverage the Kingdom’s reform successes and the World Bank’s extensive expertise to support other countries looking to boost their economic standings.
This initiative marks a significant step in ongoing efforts between Saudi Arabia and the World Bank to develop economic reforms based on the best international business practices. The centre is expected to contribute effectively to the global spread of reform strategies, underscoring Saudi Arabia’s role as a leader in economic transformation.
The setup of the knowledge center will involve various Saudi ministries and agencies, continuing the work started by the NCC since its establishment in 2019. The centre’s focus will include facilitating business operations in key sectors and integrating over 800 reforms achieved through collaboration with relevant government bodies.
During the event, Dr. Majid Al-Qasabi, Saudi Minister of Commerce and NCC Chairman, met with World Bank officials to discuss further initiatives to simplify trade procedures and enhance the business environment in the Kingdom, reflecting a shared commitment to advancing global economic competitiveness.
