Saudi Arabia Boosts Competitiveness to Keep Pace with Future Economic Shifts

 Saudi Arabia is moving swiftly to achieve a structural economic transformation that keeps pace with global shifts by building a diversified economy anchored in a business-friendly environment for investors and entrepreneurs, with the goal of positioning the Kingdom as a global business and trade hub.
 In this context, the National Competitiveness Center, working closely with government agencies, continues implementing reforms aimed at addressing challenges facing both the public and private sectors. To overcome obstacles affecting the development and improvement of the Kingdom’s business environment, the center has been assigned 14 mandates, including monitoring government agencies’ compliance with necessary reforms to enhance competitiveness, building strong partnerships with international competitiveness organizations, and leveraging the practices of leading countries in global competitiveness indicators.
 Official statistics highlight the positive impact on economic development, showing GDP growth of 1.3% and a 6.4% rise in commercial activities, with 1.6 million commercial registrations issued. The Kingdom continues to make progress in boosting its global competitiveness, placing strong emphasis on attracting entrepreneurs to priority and emerging sectors, particularly following the decision to allow 100% foreign ownership.