Saudi Arabia seeks to be among top five in World Bank’s Ease of Doing Business Index, says official

Saudi Arabia’s Ministry of Commerce and Investment seeks to improve the Kingdom’s position to rank among the top five in the World Bank’s Ease of Doing Business Index.

“We are assessing the World Bank Ease of Doing Business ranking report for Saudi Arabia to address the points of weakness,” Abdulsalam Al-Mana, the ministry’s deputy minister for internal trade, said on the sidelines of the Future Investment Initiative (FII) in Riyadh.

“Improving Saudi Arabia’s ranking will likely help lure domestic as well as global investments to bolster the Kingdom’s economy,” he added.

Al-Mana also indicated that the ministry launched a new program, comprising ten government entities to combat the commercial concealment, in addition to bolstering the online payment methods.

Additionally, the ministry is working on amending the most influential governmental systems in the Kingdom including the commercial register, the Chambers of Commerce, and the corporate laws.

According to Argaam, Saudi Arabia ranked among the world’s top ten improvers in the World Bank Group’s ‘Doing Business 2020’ report released in October. The Kingdom climbed 30 places from the last year’s ranking to be 62nd among 190 economies.