Why Saudi Arabia?
Saudi Arabia ranks among the best G20 economies. Saudi Arabia possesses around 18% of the world’s proven petroleum reserves and ranks as the world's second largest crude reserves. It also has the fifth-largest proven natural gas reserves. Saudi Arabia is a founding member of OPEC with total resources valued at $34.4 trillion to become the third country after Russia and the US to have the most plentiful and valuable natural resources.
In the IMD World Competitiveness Yearbook 2019 issued by the IMD International Institute for Management Development (IMD The Kingdom of Saudi Arabia is now ranked 26th, making it the 7th most competitive country among its G20 peers.
In 2016, Saudi Arabia embarked on an amazing journey by introducing sweeping and impressive economic reforms aimed at moving the country away from its dependence on oil. As part of its ambitious Vision 2030, the Kingdom developed strategies to diversify non-oil revenues. These broad and ambitious reforms resulted in solid growth of 1.8 in 2019 and 2.1 in 2020.
The reforms, implemented by the government, also made starting a business easier by establishing a one-stop shop. It also introduced a secured transactions law and an insolvency law protecting minority investors. Bold measures were taken to empower more women to join the workforce. The Kingdom of Saudi Arabia has advanced 30 ranks in the World Bank Index 2020 for Doing Business, making it the top reformer and top improver among 190 economies.
According to the global competitiveness report 2019, the kingdom ranked (1), with other countries, in the macroeconomic stability index. the index also includes stability of rate inflation and debt. Saudi Arabia advanced to the 36th position in its overall global ranking, moving three positions forward from its ranking last year. As for the MENA region. It ranked (17) in market size while moving forward to rank (19) in product market. it ranks (37) in the institution pillar.
Last Modified Date: 26/12/2021 - 9:45 AM Saudi Arabia Time