Sharing and scaling knowledge has never been more critical than it is today. In a new collaborative effort, Saudi Arabia aims to share its experiences in economic reform and foster collaboration with other countries seeking to improve their economic competitiveness. 

It has partnered with the World Bank Group to establish a knowledge hub focused on economic reform. The National Competitiveness Center (NCC) of Saudi Arabia will collaborate with the World Bank on this initiative.

The announcement in Washington D.C. on Friday highlighted the kingdom’s recent progress in global competitiveness rankings.

This initiative is a significant step in Saudi Arabia’s and the World Bank’s joint efforts to develop economic reforms based on best international business practices. 

The center is expected to be vital in spreading reform strategies globally, highlighting Saudi Arabia’s leadership in economic transformation. The knowledge center’s establishment will involve various Saudi ministries and agencies, building on the work initiated by the NCC since its inception in 2019. 

The center will facilitate business operations in key sectors and integrate more than 800 reforms achieved through collaboration with relevant government bodies.

Saudi Arabia’s Minister of Commerce and NCC Chairman, Majid Al-Qasabi, credited Crown Prince Mohammed bin Salman’s leadership for these advancements. 

The announcement ceremony was also attended by prominent figures, including the Saudi Ambassador to the US, Princess Reema bint Bandar, World Bank Group President Ajay Banga, and Chief Economist Indermit Gill.

Currently in its preparatory stages, the knowledge hub will be overseen by a founding committee comprised of representatives from the Ministries of Finance, Economy, and Planning, alongside other relevant government agencies.