World Bank picks Saudi Arabia to set up ‘Knowledge Center’

By Shilpa Annie Joseph, Official Reporter
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World Bank to establish Knowledge Center in Saudi
Officials during the signing ceremony | SPA

The National Competitiveness Center and the World Bank Group have announced their intention to establish a Knowledge Centre in the Kingdom of Saudi Arabia. 

This move is part of both sides’ efforts to spread the culture of economic reforms globally. The Knowledge Centre is part of continuous cooperation between the two sides to develop economic reforms based on the best international business practices and complete the journey of enhancing competitiveness.

According to the statement, “The Centre’s preparation work is being undertaken by a founding committee that includes the Ministries of Finance, Economy, and Planning and several relevant government agencies.”

The Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC), Dr. Majid bin Abdullah Al-Qasabi, pointed out that this occasion confirms the great progress achieved by the Kingdom in global competitiveness reports and indicators, which resulted from the economic reforms implemented with the support and directives of HRH Prince Mohammed bin Salman bin Abdulaziz Alsaud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

He added that establishing the knowledge center would pave the way for further regional and global cooperation in competitiveness. It will allow the Kingdom to benefit from its experience in implementing economic reforms and their impact on enhancing its competitiveness, in addition to the World Bank’s expertise that extends for more than 50 years.

“The Kingdom, which began in 2019 with the establishment of the National Competitiveness Center, its organizational affiliation with the Council of Economic and Development Affairs, and the later establishment of subcommittees focusing on facilitating business in vital and promising sectors, which contributed to the completion of the centre through integration with relevant government agencies of more than 800 reforms,” as per the statement.

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