JEDDAH: Saudi Arabia has placed 16th in the World Bank's global business competitiveness report, Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA), announced late last night.
The International Finance Corporation (IFC), an affiliate of the World Bank, gave the ranking after reviewing business environment in 181 countries around the world. Last year the Kingdom had placed 23rd.
The SAGIA chief attributed the Kingdom's higher ranking to the economic reforms introduced by Custodian of the Two Holy Mosques King Abdullah and the government's efforts to remove obstacles facing Saudi and foreign investors.
"Ever since SAGIA announced its plan to make Saudi Arabia one of the top 10 most competitive economies in the world by 2010, there has been considerable improvement in its competitiveness," Al-Dabbagh said.
"The improvement in the performance of government departments and agencies has contributed to this achievement," he added.
Competitiveness, as measured by over 300 global indicators, is the most comprehensive assessment of a country's economic strength.
"Through its 10x10 initiative, Saudi Arabia will emerge as one of the world's most attractive business destinations," Al-Dabbagh said.
"This initiative is our guarantee, to each business and citizen of Saudi Arabia, to continuously provide marked improvements in levels of prosperity and standards of living throughout the nation," he added.
"We tirelessly chart our progress toward 10x10 using three of the top international benchmarks of competitiveness -- the World Economic Forum's Global Competitiveness Index, the Institute for Management Development's World Competitiveness Rankings and IFC's Ease of Doing Business Index," the SAGIA chief said.