Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Saudi Arabia Ranks 16th in IMD World Competitiveness Yearbook 2024

Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
TT

Saudi Arabia Ranks 16th in IMD World Competitiveness Yearbook 2024

Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)
Saudi Arabia ranked 16th out of 67 of the world's most competitive countries. (SPA)

The Kingdom of Saudi Arabia ranked 16th out of 67 of the world's most competitive countries, according to this year's Swiss-based Institute for Management Development (IMD) World Competitiveness Yearbook.
This annual report offers benchmark services for countries and companies, providing insights into what makes companies competitive; it is prepared by the National Competitiveness Center in collaboration with concerned government agencies, the Saudi Press Agency reported on Tuesday.
This year's ranking reflects a one-position improvement for the Kingdom, driven by advancements in business legislation and infrastructure. This places Saudi Arabia in 4th place among G20 countries.
The business efficiency axis specifically saw progress, moving from the 13th to the 12th rank. While infrastructure remains in its 34th position, the Kingdom continues to be strong in both economic performance and government efficiency, staying within the top 20.
Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Qasabi attributed the positive results to the economic transformation process championed by the Kingdom's government under the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia.
The economic reforms carried out have propelled the Kingdom to the top three positions in 24 key indicators. Notably, it secured the global top spot in crucial areas like long-term employment growth, social cohesion, long-term labor market growth, awareness about the need for economic and social reforms, cybersecurity, and internet user penetration per thousand residents.
Saudi Arabia secured second place globally in indicators such as digital transformation in companies, stock market capitalization, venture capital availability, technological development and application, and access to financing for technical advancements.
The Kingdom ranks third place globally in several areas, including trade, economic resilience, government adaptability to economic changes, unemployment legislation, and overall early stage entrepreneurial activity.



Aswat Asharq Al-Awsat : Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
TT

Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)

The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.

The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.

The deal would involve the PIF, which controls nearly $1 trillion of assets, and the two other partners building a wind turbine manufacturing plant in Saudi Arabia as part of the Kingdom’s efforts to localize supply chains, according to the people.

Envision is expected to be the majority investor in the partnership, they said, declining to be named discussing confidential information.

Envision already has significant business in Saudi Arabia, which is investing billions of dollars in renewables to stop burning oil for power.

The Chinese firm supplies wind turbines for the almost $9 billion Neom Green Hydrogen Co., which will use 4 gigawatts of solar and wind power to create clean hydrogen.