Saudi Arabia improves on inflation, ease of doing business in global competitiveness report

Overall, Saudi Arabia ranked 24th this year — up from 26th in 2019 — and was the only country from the Middle East to improve its ranking in 2020. (SPA)
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Updated 20 June 2020

Saudi Arabia improves on inflation, ease of doing business in global competitiveness report

  • Kingdom climbs 36 places to second on global consumer price index category
  • World Competitiveness Yearbook one of most comprehensive assessments of nations’ performances

RIYADH: Saudi Arabia has placed second out of 63 countries in the global consumer price index category of the World Competitiveness Yearbook 2020, published by the Switzerland-based International Institute for Management Development (IMD).
The Kingdom climbed 36 places from its 2019 ranking in that category, thanks largely to its low inflation rates. Saudi Arabia also shot up the rankings in the “ease of starting a new business” category, placing 15th — up from 60th place in 2019.
The Ministry of Commerce issued a statement on the report, saying, “The Kingdom has made unprecedented progress in the (IMD’s rankings), despite the economic conditions resulting from the impact of the COVID-19 pandemic.
“This great progress reflects the efforts to reform and develop the business environment in Saudi Arabia, as well as the development of legislation to regulate and organize commercial work, taking into consideration the participation of the private sector.”
The World Competitiveness Yearbook is considered to be one of the most comprehensive assessments of nations’ performances in four areas: Economic Performance, Government Efficiency, Business Efficiency and Infrastructure. Overall, the Kingdom ranked 24th this year — up from 26th in 2019 — and was the only country from the Middle East to improve its ranking in 2020. It placed eighth among the members of the G20.
“Despite the coronavirus pandemic, the Kingdom has made (great strides in the IMD’s report) and this will encourage foreign investors to (back) more projects in Saudi Arabia,” Dr. Majed Al-Hedayan, a Riyadh-based financial analyst and legal expert, told Arab News. “This report proves the strength of the national economy and the (wisdom of the) measures taken by the government to face the coronavirus crisis.”


New body speeds up processing of Saudi judicial liquidation

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Updated 54 min 50 sec ago

New body speeds up processing of Saudi judicial liquidation

  • Infath assigns each case to suitable service providers based on the experience of the provider and the nature of the asset

JEDDAH: Local and international licensed companies in chartered accounting, legal services, judicial custody, treasury and other areas are to benefit from an agreement over the handling of judicial liquidation cases.

The agreement signed between the Ministry of Justice and the newly established Entrustment and Liquidation Center (infath) provides the necessary governance and accountability measures to process the cases faster.

The agreement will enable infath to commission licensed companies from the private sector in services such as accounting, evaluation, law, engineering, property management, marketing and sales and allow them to competitively participate in liquidation.

Infath assigns each case to suitable service providers based on the experience of the provider and the nature of the asset.

During the past few months, infath was able to develop an integrated business platform and attract a diversified pool of relevant service providers. It also delivered a liquidation for the first time during Ramadan, which was entrusted by the private sector.

Entrustment and Liquidation Center “infath” is one of the National Transformation Program 2020 initiatives that seeks to achieve excellence in government performance and raise the overall efficiency of the judicial ecosystem. It is an independent governmental center seeking to build cooperation between the judicial and governmental entities in liquidations, sales and other areas and entrusting them to the private sector with full transparency.

Registration is currently available at (infath.sa)