Saudi Arabia Ranks Ahead of China, Germany, and UK in Economic Competitiveness
Saudi Arabia has achieved extraordinary feats to surpass China, Germany, and the UK on a global measure of economic competitiveness. The country’s remarkable progress can be attributed to its ambitious Vision 2030 initiative, launched by Crown Prince Mohammed bin Salman eight years ago. This transformative journey continues to reshape the Kingdom’s future.
Vision 2030 has crossed several milestones and made steady progress since its unveiling by Crown Prince Mohammed bin Salman in 2016. (SPA photo)
The crown prince described Vision 2030 as an ambitious yet achievable blueprint that expresses the country’s long-term goals and expectations. It reflects Saudi Arabia’s strengths and capabilities, laying a solid foundation for success.
According to a competitiveness report by the International Institute for Management Development, the Kingdom ranks third among G20 nations and 17th globally in terms of competitiveness. This high ranking highlights the significant achievements Saudi Arabia has made in various sectors to enhance its competitiveness on the global stage.
Key Achievements in Economic Competitiveness
The latest annual Vision 2030 bulletin outlines the Kingdom’s progress in four key competitiveness factors. Saudi Arabia has excelled in economic performance, government efficiency, and business efficiency, while maintaining a strong position in infrastructure ranking.
Additionally, the Kingdom stands out among G20 countries, ranking fifth globally in the financial market index and second in the cybersecurity indicator.
PIF: Leading the Way in Investment
The Public Investment Fund (PIF) plays a crucial role in driving economic diversification and revitalizing key sectors in Saudi Arabia. The fund has expanded its investment portfolios to support the growth of promising sectors with high potential, such as tourism, entertainment, financial technology, gaming, and sports.
PIF’s investment competence has positioned it as a global leader in capitalizing on economic opportunities at both national and international levels.
Advancements in the Logistics Sector
Saudi Arabia has been leveraging its strategic location and unique capabilities to become a leading logistics hub since the launch of Vision 2030. The Kingdom’s focus on the logistics sector has resulted in significant achievements, including improved rankings in global performance indices.
Saudi Arabia has seen advancements in the World Bank’s Performance Index, Lloyd’s List Global Ranking for Container Handling, and the International Air Connectivity Index, solidifying its position as a key player in the global logistics arena.
Enhancing Business Efficiency
The Saudi Business Center has played a vital role in streamlining business startup processes and providing high-quality services to the private sector. The Kingdom’s improved ranking in the National Entrepreneurship Context Index reflects its continuous development and competitive position in the entrepreneurship sector.
Saudi Arabia’s efforts to create a supportive environment for entrepreneurship and investment have led to significant progress on the global stage, making it a top destination for venture capital investments in the Middle East and North Africa.
Driving Growth in Transport Infrastructure
The transportation sector is crucial for sustainable development in Saudi Arabia. The Kingdom’s focus on improving road safety and implementing advanced transportation systems has led to a significant reduction in road accidents, injuries, and fatalities, enhancing overall quality of life.
Saudi Arabia’s commitment to enhancing its financial sector has resulted in significant growth and activity. The Kingdom’s strong performance in the Financial Markets Index and the increasing number of financial technology entities demonstrate the robustness of its financial market.
Overall, Saudi Arabia’s story of transformation is a collaborative effort involving the government, citizens, private sector, and international partners. The Kingdom’s progress in various sectors has made it an attractive destination for living, working, and visiting, setting the stage for even greater opportunities in the years to come.