Saudi Arabia becomes the best country for business, says World Bank report

By Arhama Altaf - Web Editor

25th October, 2019

World Bank in its new report announces that Saudi Arabia becomes the most developing country among 190 countries worldwide.

Saudi Arabia gains 30th rank in list of countries with better business environment, says the World Bank. After that, Saudi Arabia has been designated as the world’s most important country for investment.

According to reports by Arab media, The Kingdom leapt 30 places in the annual survey of business efficiency in 190 countries, and was the top reforming country — the highest ranking since the bank launched its “Doing Business” survey 20 years ago.

The state cooperated with over 50 governments in this regard. Private institutions also strengthened Saudi Arabia’s position in relation to competition.

The Commerce and Investment Minister Majid Al-Qasabi, noted that Saudi Arabia has now joined the most wanted countries for investment globally as per international reports.

Saudi Arabia’s achievements in record time are pointing to a better destination in the future, Al-Qasabi said.

“Today, Saudi Arabia is celebrating,” And it is the outcome of tremendous efforts since the launch of Vision 2030”, he said further.

Dr. Simeon Djankov, the founder of the World Bank Group’s report on trading activities, said that the speed with which Saudi Arabia created a conducive environment for trade and investment during 2018 is reassuring. Saudi Arabia is determined to reach the destination of a prosperous and important economy.

“Something clearly is happening in the Gulf which has not happened before,” Djankov said.

The company was established in 2002 under the World Bank. It evaluates the performance of 190 countries on 10 grounds.

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