Saudi Arabia received a gratitude award Wednesday from the World Bank as an appreciation for its rapid application of economy reform procedures, said a press release issued by Saudi Arabian General Investment Authority (SAGIA). The Kingdom became one of the global top 10 countries which applied radical reform procedures to their economies, which was reflected positively in its business performance rank. It was classified as the best investment environment in the Arab World and the Middle East, and was ranked in the 23rd position out of 178 countries. This came in the annual meeting arranged in the US by the World Bank Wednesday. The meeting was attended by senior officials in addition to global key personalities specialized in economy and investment. “Saudi Arabia won this award due to the blessing and the full support of King Abdullah, Custodian of the Two Holy Mosques, and Crown Prince Sultan, as they gave direct instructions to implement comprehensive economic reforms leading to more development and modernization of the society, and enhancing the business environment and launching a total-solution program to facilitate local, joint and foreign investments,” said Amr Al-Dabbagh, SAGIA Governor). “This program reflects the constant approach of the Kingdom toward encouraging private investments, which represent the backbone for economic growth and provide thousands of jobs and expand the economic base and diversify sources of national income, and improve the added value of natural resources,” he said. Dr. Awad Al-Awad, SAGIA's Deputy Governor, received the award and gave a brief presentation about the major reform steps taken to enhance investment environment in the Kingdom. He said the increase of investment flow to the Kingdom placed it in the 20th place of the global investment flow destinations, as per the United Nations Conference on Trade and Development (UNTCAD) report. __
