In a bid to strengthen international collaboration and spur economic development, Saudi Arabia has partnered with the World Bank to establish a global knowledge hub. This initiative, spearheaded by the Kingdom’s National Competitiveness Center (NCC) in collaboration with the World Bank, aims to share best practices in drafting and implementing effective economic reforms through data-driven insights and practical experience.

Saudi Arabia’s partnership with the World Bank is the result of its success in enforcing successful economic reforms in the Kingdom. The World Competitiveness Yearbook report by the International Institute for Management Development (IMD) revealed that Saudi Arabia currently occupies the 16th spot in the global ranking of most competitive economies. The successful implementation of over 800 economic reforms continues to drive the Kingdom’s momentum in the global development landscape.

“The knowledge hub represents a significant stride toward broadening the scope of global knowledge and amplifying its influence, particularly amidst efforts to diversify economies and stimulate policies that foster a more competitive and efficient business environment,” said World Bank President, Ajay Banga.