In a landmark step towards fostering international cooperation and sustainable development, Saudi Arabia has signed an agreement with the World Bank Group to establish a Global Knowledge Hub. The center will serve as a platform for sharing expertise and insights between Saudi Arabia and other nations, leveraging the Kingdom’s unique experience in implementing transformative economic reforms.
A Model of Excellence in Economic Reforms
Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center, highlighted the significance of the initiative. He stated that the agreement underscores Saudi Arabia’s exemplary efforts in driving economic reforms that have enhanced its global competitiveness. The Knowledge Hub will focus on exchanging expertise related to sustainable development and economic strategies among World Bank member countries.
Expanding Global Knowledge
Ajay Banga, President of the World Bank Group, praised the initiative as a critical step in advancing global knowledge sharing. He emphasized that the hub would promote specialized research, analytical tools, and the development of innovative policies to create more competitive business environments. These efforts aim to boost entrepreneurship and sustainable economic growth across member nations.
A Broader Vision
The Knowledge Hub aligns with Saudi Arabia’s broader vision to lead in sustainable development and global innovation. This partnership builds on the Kingdom’s recent achievements in economic diversification and policy reform under Vision 2030, further solidifying its position as a global leader in economic innovation and competitive development.