In a recent development, the World Bank and Saudi’s National Competitiveness Center (NCC) will join forces to establish a knowledge hub in Saudi Arabia. The initiative focuses on advancing economic reforms across the globe and helping economies improve their competitiveness for conducting trade and business. 

Saudi Arabia has greatly improved its economic competitiveness and ease of doing business over the past years, aligning itself with the ambitious goals set as part of Saudi Vision 2030. This partnership highlights Saudi Arabia’s progress in improving free trade and private sector development inside its borders. 

The new knowledge hub aims to be a central platform for nations across the globe to collaborate on sharing best practices for economic competitiveness. It will also help countries to streamline their business landscape with the World Bank’s expertise. It seeks to foster a spirit of collaboration and partnership among countries to improve their potential for trade and economic growth.

The National Competitiveness Center (NCC) has played a major role since its inception in 2019 to improve Saudi Arabia’s global competitiveness by streamlining business operations and integrating over 800 reforms. The new knowledge hub will further develop the NCC’s initiatives to involve collaboration among various Saudi ministries and agencies and align them to speed national economic growth. 

The Saudi Minister of Commerce and Chairman of the NCC, Dr. Majid Al Qasabi, was present during the announcement of the initiative in Washington DC. He was seen engaging in extensive discussions with World Bank officials, and both parties explored further initiatives to simplify 

The collaboration extends beyond the knowledge hub. Discussions between Saudi and World Bank officials aim to further simplify trade procedures and improve the overall business landscape in Saudi Arabia. This commitment to economic reform positions both parties as leaders in advancing global competitiveness.