The Kingdom of Saudi Arabia and the World Bank Group have signed an agreement to establish a Knowledge Hub in Riyadh. This initiative aims to promote the global exchange of ideas, experiences, and best practices to address pressing development challenges.
The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will act as a platform for generating and exchanging knowledge to enhance development impact globally. It will facilitate knowledge transfer, collaborative research, capacity-building programs, and evidence-based policy solutions.
World Bank Group President Ajay Banga and Dr. Majid Al-Kassabi, Minister of Commerce and Chairman of the National Center for Competitiveness, formalized the partnership in Riyadh. The K-Hub will be hosted by the National Center for Competitiveness.
Ajay Banga emphasized the importance of diversifying economies and creating competitive business environments: “Diversifying economies and driving policies that lead to a more competitive and efficient business environment are key to success,” he stated. He added that the new Knowledge Hub is a significant step toward expanding global knowledge crucial for impactful outcomes.
Dr. Al-Kassabi highlighted Saudi Arabia's model for competitiveness: “Through the NCC, Saudi Arabia has developed a model for competitiveness, attracting interest from nations eager to replicate the Kingdom’s success,” he said. He noted that the K-Hub would empower countries by leveraging extensive knowledge from both the World Bank Group and Saudi Arabia.
Initially, the K-Hub will concentrate on two main areas: Competitiveness and Diversification. Within these areas, it will cover sub-themes such as Business Environment Reforms, Innovation Policy and Quality Infrastructure, Productivity Growth and Firm Capabilities, Exports Diversification, Trade Policy and Facilitation, and Data Strengthening.