RIYADH, December 3, 2024 – The Kingdom of Saudi Arabia and the World Bank Group signed an agreement today to establish a Knowledge Hub in Riyadh to drive the global exchange of ideas, experiences, and best practices to tackle the world’s most pressing development challenges.
The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will serve as a platform for knowledge generation and exchange to drive greater development impact for countries. The K-Hub will facilitate inbound and outbound knowledge transfer, collaboration on innovative research, capacity building programs, and evidence-based policy solutions.
World Bank Group President Ajay Banga and Dr. Majid Al-Kassabi, Minister of Commerce and Chairman of the National Center for Competitiveness signed the partnership agreement today in Riyadh. The K-Hub will be hosted by the National Center for Competitiveness.
“Diversifying economies and driving policies that lead to a more competitive and efficient business environment are key to success,” said Ajay Banga, President of the World Bank Group. “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up and extend the wide reach of global knowledge critical to delivering such impact.”
“Through the NCC, Saudi Arabia has developed a model for competitiveness, attracting interest from nations eager to replicate the Kingdom’s success,” said Dr. Al-Kassabi. “The K-Hub will serve as a dynamic international platform, empowering countries to leverage the extensive knowledge and experience of the World Bank Group, combined with the rich experiential expertise found within Saudi Arabia.”
At the outset, the K-Hub will focus on two primary areas: Competitiveness and Diversification. Within these areas, it will address several sub-themes, including Business Environment Reforms, Innovation Policy and Quality Infrastructure, Productivity Growth and Firm Capabilities, Exports Diversification, Trade Policy and Facilitation, and Data Strengthening.
----------------------------------
About the World Bank Group: The World Bank Group works to create a world free of poverty on a livable planet through a combination of financing, knowledge, and expertise. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.
About the Saudi National Center for Competitiveness (NCC): The NCC is dedicated to enhancing the Kingdom’s competitive environment and has helped implement over 800 economic and developmental reforms. Through comprehensive analysis of challenges facing the public and private sectors, the NCC identifies key obstacles and proposes innovative solutions and initiatives to drive progress. Its efforts aim to elevate Saudi Arabia's ranking in global competitiveness indicators and reports, contributing to the nation’s transformative change. For more information, please visit https://www.ncc.gov.sa/en.
