Saudi Arabia and World Bank launch knowledge hub for economic reform

Saudi Arabia and the World Bank Group have announced the establishment of a knowledge hub in the Kingdom, aimed at sharing Saudi Arabia's experience in economic reform and fostering collaborations to enhance global competitiveness. The initiative, revealed in Washington DC, will provide a platform for countries seeking to improve their economic standings through knowledge exchange and strategic partnerships.

The new knowledge center, a joint effort between the National Competitiveness Center of Saudi Arabia and the World Bank Group, is set to play a pivotal role in facilitating regional and global collaborations. Led by Saudi Minister of Commerce Majid Al-Qasabi, the hub will build on the Kingdom's progress in global competitiveness reports, attributed to the leadership of Crown Prince Mohammed bin Salman.

Notable figures present at the announcement event included Saudi ambassador to the US, Princess Reema bint Bandar, World Bank Group President Ajay Banga, and Chief Economist Intermit Gill. The hub, currently in its preparatory stage, will be overseen by a founding committee comprising key ministries and government agencies, including finance, economy, and planning.

In conclusion, the establishment of this knowledge hub signifies a significant step towards fostering economic growth and competitiveness on a global scale. By leveraging Saudi Arabia's expertise and leadership in economic reform, the hub is poised to become a valuable resource for countries seeking to enhance their economic performance and drive sustainable development.