Latest news with #NationalCompetitivenessCenter
Arab News
4 days ago
- Business
- Arab News
Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights
JEDDAH: Saudi Arabia has maintained its spot in the top 20 of the World Competitiveness Ranking, ahead of global heavyweights the UK, Germany and France. The Kingdom secured 17th position on the list, driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms. Issued by the International Institute for Management Development's World Competitiveness Center, the ranking is widely recognized as a benchmark for evaluating how effectively countries utilize their resources to drive long-term economic growth. Saudi Arabia was placed just behind China in 16th and ahead of Australia in 18th place. Although this marks a slight drop from 16th in 2024, Saudi Arabia's 2025 ranking represents a significant improvement from 32nd in 2023 and 24th in 2022, underscoring its rising economic stature. As part of Vision 2030, Saudi Arabia launched the National Competitiveness Center in 2019, with the organization now working with 65 government bodies to drive reforms centered on productivity, sustainability, inclusiveness, and resilience. According to the World Competitiveness Center, the Kingdom needs to 'continue efforts to promote renewable energy and reduce carbon emissions' and 'carry on enhancing overall competitiveness across multiple pillars.' Improvement will also come if Saudi Arabia continues to 'invest even more in human capital development across all economic sectors' and push ahead with 'ongoing government endeavors to achieve the targets in the Saudi 2030 vision.' The IMD report is one of the world's most comprehensive competitiveness benchmarks, evaluating 69 countries across four pillars: economic performance, government efficiency, business efficiency, and infrastructure. The ranking shows that GCC countries continue to demonstrate their growing economic strength and regional importance, with the UAE leading the group, securing fifth place globally, reflecting its diversified economy and strategic initiatives to attract investment. Qatar follows in ninth place, supported by substantial infrastructure development and robust financial resources. Bahrain was ranked 22, Oman came in at 28, and Kuwait was placed at 36, showing steady progress through structural reforms and sectoral investment despite ongoing challenges. These rankings underscore the GCC's ambition to strengthen global economic resilience and competitiveness. Switzerland, Singapore, and Hong Kong lead the ranking, while Canada, Germany, and Luxembourg saw the most notable improvements among the top 20 economies. Saudi focus According to the IMD, Saudi Arabia has made progress in several key economic areas, although some aspects still require improvement. On the economic performance indicator, the Kingdom ranks 17th globally with a score of 62.3. Its domestic economy scored 59.2, placing it 25th worldwide, an improvement of six positions from the previous year. International trade advanced three places to 29th with a score of 56.0, while global investment climbed four spots to 16th with a score of 57.8, signaling increased investor confidence. However, the employment sector declined slightly, dropping three positions to 29th with a score of 55.6. Inflationary pressures impacted the prices indicator, which fell eight places to 19th despite maintaining a relatively strong score of 60.7. These mixed results reflect Saudi Arabia's ongoing efforts to strike a balance between growth and economic stability amid global and domestic challenges. Public finance indicators remain solid, with a score of 69.5, placing the Kingdom 13th globally, despite a modest three-position drop. Tax policy holds steady at 67.6 points and 12th place, with a similar three-rank decline. The institutional framework experienced a more pronounced decline, dropping seven places to 27th with a score of 58.6, indicating potential areas for reform. In contrast, business legislation improved, rising two places to 13th with a score of 67.6, indicating regulatory progress. The societal framework remains a key challenge, ranking 55th with a score of 44.2, representing a nine-position decline, which highlights the need for continued social and structural development to support economic goals. Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Productivity and efficiency showed further strength, scoring 66 and placing the Kingdom 15th, up six spots. The labor market remains a key strength, ranking 9th despite a four-place drop, with a score of 64.2. The finance sector gained three ranks to 19th with 63.4 points, while management practices rose to 17th with a score of 64. Attitudes and values remain a significant national asset, ranking third globally with a score of 81.6, reflecting a strong culture of resilience and ambition. Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. Technological infrastructure rose 10 places to 23rd with a score of 59.5, and scientific infrastructure improved nine spots to 29th with a score of 52.1. Health and environment indicators gained slightly, moving up one place to 47th with a score of 47.5. Education declined marginally, down one position to 39th with a score of 55.4, signaling an area for continued focus.
Leaders
04-06-2025
- Business
- Leaders
25 Projects Open for Public Feedback on 'Istitlaa' Platform
The National Competitiveness Center (NCC), through its Public Consultation Platform Istitlaa, has launched 25 projects focused on economic and developmental matters. In collaboration with 12 government entities, the NCC invites the public, private sector, and government stakeholders to review and comment on these proposals before their final approval. Highlighted Projects: Ministry of Tourism: Amendment of the Violation Table for Tourism Consultation Activities—seeks to revise the penalties for hospitality establishments to align with updated regulations and industry standards. Open for feedback until June 8, 2025. Ministry of Municipalities and Housing: Updates to Municipal Requirements for Transportation Service Centers in 2025—aims to improve the business environment in the transportation sector. Feedback period ends June 16, 2025. Ministry of Environment, Water and Agriculture: Regulations for Issuing New Well Drilling Licenses on the Sedimentary Shelf—focuses on protecting and sustaining non-renewable groundwater for agricultural and livestock use. Consultation closes June 17, 2025. Capital Market Authority: Regulatory Framework for Offshore Securities Business Licenses proposes new licensing regulations for offshore securities operations. Open for feedback until June 28, 2025. Saudi Food and Drug Authority: Amendments to the General Food and Drug Authority Law and Food Law—aims to modernize regulations governing the licensing and oversight of food establishments. Consultation ends June 30, 2025. These initiatives reflect the government's commitment to transparency and inclusive decision-making. Finally, Istitlaa strengthens civic engagement and supports a more responsive legislative environment. Related Topics: CST, Aramco Digital Launch AI-Powered Crowd Management Trial at Holy Sites China Is Major Market for Saudi Aramco: CEO Saudi Aramco Records $106bn Profits in 2024 Saudi Arabia to Launch NextGen Investment Forum to Cultivate Future Hospitality Leaders Short link : Post Views: 17 Related Stories
Saudi Gazette
28-05-2025
- Business
- Saudi Gazette
Commerce and sports ministers participate in roundtable on Saudi-British sports cooperation
Saudi Gazette report LONDON — Saudi Minister of Commerce Dr. Majid Al-Qasabi has affirmed at the Saudi-UK Strategic Partnership Council that Saudi vision 2030 launched by Crown Prince Mohammed bin Salman transformed the Saudi economy and created promising opportunities in many vital sectors. He explained that the Saudi-British partnership is unique, and the UK is the second-largest exporter of services in the world. He added that the two countries can cooperate to establish a global integration system that covers many aspects of sports, tourism, culture, arts, and technology, all of which have become a global language that requires no translation. The meeting was also attended by Saudi Minister of Sports Prince Abdulaziz bin Turki, and Sir Chris Bryant, UK's Minister of State for Creative Industries, Arts and Tourism. The roundtable, organized by the National Competitiveness Center in cooperation with the UK Department for Business and Trade, focused on introducing companies to the promising opportunities offered by the Kingdom's hosting of international sporting events, such as the 2034 World Cup. It also addressed opportunities for cooperation in areas supporting the sports sector, such as technology, infrastructure, construction, facility operations, and planning and execution of major events. In a meeting with Jonathan Reynolds, Minister of State for Business and Trade, which was attended by Prince Khalid bin Bandar, Saudi Ambassador to UK, and Neil Crompton, British Ambassador to the Kingdom, Al-Qasabi discussed enhancing cooperation in developing the sports sector in light of Saudi hosting major events such as the 2034 World Cup. They reviewed the progress of initiatives emerging from the economic and social committees of the Saudi-British Strategic Partnership Council, including developments in the negotiations of the Free Trade Agreement between UK and the Gulf Cooperation Council countries. During the meeting, the two sides highlighted the importance of the Saudi-British Future Skills Initiative and its impact on developing skills in sectors of mutual interest, in addition to the continuation of the Great Futures Initiative for 2025. The Saudi delegation's agenda on the first day included a field visit to Queen Elizabeth Olympic Park and its facilities. The delegation was briefed on the facilities' capabilities and experience in hosting entertainment and sporting events. The participating entities in the visit included the ministries of Commerce, Sports, Investment and Finance, the Supreme Committee for Hosting the 2034 World Cup, the Public Investment Fund, the National Competitiveness Center, the Saudi Business Center, the National Center for Privatization, and a number of major national companies specializing in sports events, infrastructure, and media. Al-Qasabi arrived in the British capital, London, on a working visit, accompanied by a delegation comprising officials from nine government agencies and 30 leaders from the business sector and major national companies. The visit aims to build economic partnerships in the sports sector between the two countries, strengthen relations across various priority sectors, and raise the level of commercial partnerships.
Leaders
13-05-2025
- Business
- Leaders
Saudi Arabia Develops E-commerce, Digital Trade Measurement with UNCTAD
Saudi Arabia's National Competitiveness Center signed an agreement with the United Nations Conference on Trade and Development (UNCTAD) on May 12 to measure e-commerce and digital trade, according to the Saudi Press Agency. Signed on the sidelines of the eighth session of the intergovernmental group of experts on e-commerce and the digital economy, the deal seeks to develop the Kingdom's e-commerce and digital trade policies. To this end, the partnership aims to conduct a comprehensive survey to evaluate the current state before data collection and analysis. Therefore, both entities can determine the best guidelines and recommendations based on the state-of-the-art practices. During the signing ceremony, the Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Eman Al-Mutairi said that the Kingdom had been making bold strides toward the fulfillment of Saudi Vision 2030 objectives. This ongoing progress further strengthens its strategic position as a successful country with diversified and competitive economy across social, economic and cultural sectors. Organized by the UNCTAD in Geneva, Switzerland, the 8th session provided the Kingdom with a valuable platform to show its latest economic reforms and infrastructure upgrades. Related Topics: Mawani Scores 231.7 Points in UNCTAD's Q2 2024 SDB, UNCTAD Launch Fintech Hub Program, Boost Financial Technology Saudi Arabia to Host UNCTAD Global Supply Chain Forum in 2026 Short link : Post Views: 59 Related Stories
Arab News
13-05-2025
- Business
- Arab News
Saudi Arabia and UNCTAD ink deal to measure e-commerce and digital economy
RIYADH: Saudi Arabia and the UN Trade and Development have signed an agreement aimed at enhancing the formulation of e-commerce and digital economy policies in the Kingdom. According to the Saudi Press Agency, the agreement will help build a framework in the Kingdom's e-commerce sector by implementing a survey to assess the current situation and disseminating the data in accordance with international best practices. The agreement was signed by the Kingdom's Vice Minister of Commerce, Eman Al-Mutairi, during the 8th session of the Intergovernmental Group of Experts on E-Commerce and the Digital Economy in Geneva on May 12. In a separate statement, UNCTAD said that Saudi Arabia has committed $1.4 million to support its work on measuring e-commerce and the digital economy. UNCTAD has estimated that global e-commerce sales reached over $27 trillion in 2022, based on the latest available data covering businesses in 43 developed and developing economies. Saudi Arabia's e-commerce sector is also witnessing rapid momentum, with 40,953 businesses registered across the Kingdom by the end of 2024, representing a 10 percent year-on-year rise. 'This partnership with UNCTAD will further solidify the Kingdom's leadership in the digital domain, enabling us to effectively measure and harness the vast economic potential of e-commerce for our businesses, thereby reinforcing our global competitiveness,' said Al-Mutairi, who is also the CEO of the Kingdom's National Competitiveness Center. She further added that the Kingdom is steadfastly advancing its ambitious transformation agenda by positioning itself as a diversified and competitive economy across economic, social and cultural spheres. UN Trade and Development Secretary-General Rebeca Grynspan said that measuring the actual value of e-commerce opportunities remains 'a great challenge.' She added: 'Under this agreement, we will be able to develop the evidence base needed to understand the current 'state of play' regarding e-commerce in the Kingdom of Saudi Arabia, but also improve measurement at the global level.' UNCTAD said that the collaboration with Saudi Arabia consists of two tracks – domestic and international. The domestic track will focus on assessing the degree of digital trade uptake and value of e-commerce transactions in Saudi Arabia — one of the largest economies in the Middle East. The international track will support the work of a dedicated task group convened by UNCTAD, comprising experts from more than 25 countries and fellow international organizations. Saudi Arabia's National Competitiveness Center has several partnerships with international organizations to benefit from their practices and experiences in the areas of improving and developing the Kingdom's competitiveness, and UNCTAD is one of its most important partners.
