NCC And World Bank Group Organise Workshop On Business Readiness Report Methodology In Riyadh

The National Competitiveness Center (NCC) and the World Bank Group (WBG) have initiated a regional workshop in Riyadh to discuss the Business Readiness (B-Ready) report methodology. This event aims to provide detailed insights into the framework and methodology of the report, engaging 100 participants from Saudi and Gulf government entities. The workshop is part of a broader initiative to enhance international cooperation and sustainable development.

Vice Minister of Commerce and NCC Chief Executive Eiman Al-Mutairi addressed attendees, emphasizing the significant partnership between Saudi Arabia, represented by NCC, and the WBG. This collaboration has led to the creation of a global knowledge hub that facilitates the exchange of expertise based on Saudi Arabia's economic reform experiences and WBG's insights. Al-Mutairi highlighted key reforms aimed at boosting the Kingdom’s competitiveness.

Al-Mutairi elaborated on the integrated efforts of 60 Saudi government entities that have introduced over 900 economic reforms since 2016. These reforms cover nine critical areas: government service efficiency, business environment, labor and investment, finance, technological innovation, transparency and accountability, healthcare, education, and sustainable development. Such initiatives have positioned Saudi Arabia as a leading destination for corporate investment and entrepreneurship.

Significant changes in Saudi Arabia's business environment include updating 1,200 regulations and bylaws. These updates have significantly contributed to attracting global corporate investments. The Kingdom's strategic efforts in reforming its business landscape are part of its broader vision to enhance competitiveness on an international scale.

The World Bank’s Country Director for GCC countries, Safaa El Tayeb El-Kogali, praised the strategic partnership with Saudi Arabia. She noted that this workshop marks the first event of the Knowledge Hub and aligns with celebrating 50 years of collaboration between WBG and Saudi Arabia. The workshop aims to introduce GCC governments to the B-Ready report methodology.

This methodology is designed to assist countries in improving their business environments by fostering investment opportunities, promoting entrepreneurship, creating jobs, and enhancing living standards. The workshop is part of ongoing activities under the Knowledge Hub associated with both WBG and Saudi Arabia.

Future Prospects for GCC Countries

The workshop will continue until June 18 as part of efforts to highlight the new B-Ready report. This report evaluates business and investment climates across 180 economies globally. Notably, GCC countries are set to be included in the 2026 report; however, Bahrain will feature in this year’s edition.

This inclusion underscores the importance of understanding regional dynamics within global economic frameworks. By participating in such initiatives, GCC countries can better align themselves with international standards for business readiness.

The collaboration between NCC and WBG exemplifies a commitment to advancing sustainable development through shared knowledge and expertise. As these efforts continue, they promise to bolster regional economic growth while fostering a more competitive global market presence for participating nations.

With inputs from SPA