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Sunday, July 21, 2024

Saudi, World Bank To Establish Knowledge Center In Saudi Arabia

 

For the purpose of economic reforms aimed at fostering global economic advancement, Saudi Arabia’s National Competitiveness Center (NCC), is reportedly collaborating with the World Bank Group towards  establishing a knowledge center in the Kingdom.

Saudi Gazette reports that 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, according to the paper, 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.

Read Also: Saudi Raises SR600 Million From 350,000 Donors In Aid Of Palestinians

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 center 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 center’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, Saudi Arabia Mofficiallyf Commerce and NCC Chairman, Dr. Majid Al-Qasabi, 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. – SG

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