RIYADH – In an achievement that reflects the astute vision and continuous efforts of our wise leadership, under the guidance of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness the Crown Prince Mohammed bin Salman, may Allah protect them, the Kingdom of Saudi Arabia has made a qualitative and historic leap in the 2024 Global Competitiveness Index. The General Authority for Statistics revealed that the Kingdom jumped ten places at once, reaching the 25th position globally, which serves as clear testimony to the success of the comprehensive economic reform journey within the ambitious goals of Saudi Vision 2030.
Saudi 365 sources have learned that this remarkable progress did not come from a vacuum, but is the result of diligent work and meticulous strategic planning aimed at enhancing all aspects of the economic and investment environment in the Kingdom. This significant leap confirms that the Kingdom is moving steadily towards achieving its goals of becoming one of the most competitive and innovative economies in the world.
Vision 2030: The Engine of Growth and Competitiveness
Saudi Vision 2030, launched by His Royal Highness Crown Prince Mohammed bin Salman, may Allah protect him, is a comprehensive roadmap for economic and social transformation. This vision has played a pivotal role in achieving this competitive milestone through a wide range of reforms and initiatives:
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Facilitating the Business Environment
The Kingdom has witnessed radical reforms in regulations and legislation related to starting businesses, simplifying procedures, and reducing bureaucracy. This approach has made it easier for local and foreign investors to establish and operate their companies efficiently, positively impacting ease of doing business indicators.
Supporting Innovation and Digital Transformation
The Kingdom has invested heavily in advanced digital infrastructure, supported startups, and encouraged research and development. These efforts have contributed to creating an enabling environment for innovation, attracting talent, and developing sophisticated technological solutions that serve various economic sectors.
Enhancing Infrastructure
Support was not limited to the digital aspect but extended to include the development of integrated logistical and industrial infrastructure, including ports, airports, and new economic cities, which enhances the Kingdom's ability to connect continents and facilitate global trade.
Impact of the Achievement on Citizens and Residents
The Kingdom's progress in the Global Competitiveness Index is not just a statistical figure; it has direct positive implications for citizens and residents. A competitive investment-attractive environment means:
Creating New Job Opportunities
The influx of foreign and local investments leads to the expansion of companies and the establishment of new projects, providing thousands of job opportunities in various sectors and supporting job nationalization.
Improving Service Quality
Competitiveness drives companies to offer the best services and products at competitive prices, benefiting the end consumer in areas such as health, education, and entertainment.
Increasing National Income
Sustainable economic growth boosts the GDP and increases government revenues, enabling the relevant authorities to continue investing in major development projects and raising the standard of living.
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Expert Expectations and the Future of the Kingdom
In an exclusive statement to 'Saudi 365', several economic experts praised this progress, affirming that the Kingdom is moving steadily towards achieving its ambitious economic goals. Dr. Ahmed Al-Salem, Professor of Economics at King Saud University, stated: "This leap reflects the growing confidence in the Saudi economy and its ability to adapt and grow amidst global challenges. It is a clear message to investors worldwide that the Kingdom is the optimal destination for business and investment."
This improvement is expected to attract more foreign direct investments and support private sector growth, contributing to the diversification of national income sources and reducing reliance on oil, one of Vision 2030's key objectives. Today, Saudi Arabia is not just a regional player but has become an influential global economic power and an inspiring success story in comprehensive development.
Follow the full coverage and in-depth analyses of this historic achievement and its future implications across 'Saudi 365' digital platforms.
