Saudi Arabia and the World Bank Group recently signed an agreement to establish a Knowledge Hub in Riyadh which seeks 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. Moreover, it will facilitate inbound and outbound knowledge transfer, collaboration on innovative research, capacity-building programs, and evidence-based policy solutions.
“Diversifying economies and driving policies that lead to a more competitive and efficient business environment are key to success. 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,” stated World Bank Group President Ajay Banga.
K-Hub’s primary areas of focus
President Banga and Dr. Majid Al-Kassabi, Minister of Commerce and Chairman of the National Center for Competitiveness (NCC) signed the partnership agreement today in Riyadh. The National Center for Competitiveness will host the K-Hub.
The K-Hub will focus on two primary areas: competitiveness and diversification. Within these areas, it will also address several sub-themes, including business environment reforms, innovation policy and quality infrastructure, and productivity growth and firm capabilities. Moreover, it will cover export diversification, trade policy and facilitation, and data strengthening.
“Through the NCC, Saudi Arabia has developed a model for competitiveness, attracting interest from nations eager to replicate the Kingdom’s success. 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,” said Dr. Al-Kassabi.
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Driving global economic growth
In April this year, the World Bank unveiled plans to establish a knowledge center within Saudi Arabia. This initiative aims to boost global economic reforms by sharing Saudi Arabia’s successful experiences in addition to collaborating with international stakeholders. The knowledge center will involve collaboration among various Saudi ministries and agencies. Moreover, it builds upon the groundwork the NCC laid since its inception in 2019. With a focus on streamlining business operations and integrating over 800 reforms, the center will also play a pivotal role in driving economic growth and reforms globally.
