Saudi Arabia ranked 17th in WEF Global Competitiveness Report

DUBAI: Saudi Arabia has been ranked among the top 20 economies in the world in terms of competitiveness in the World Economic Forum's Global Competitiveness Report for 2011-12.

The kingdom was ranked 17th, up from 21st last year, in the annual report for 2011-12.

The World Economic Forum examined the business operating environment and competitiveness of more than 130 economies worldwide.

Saudi Arabia's King Abdullah bin Abdulaziz has made the economy one of his top priorities since his ascension to the throne.

King Abdullah's efforts to open the economy to foreign investment, expand the job market and improve the quality of the education system have made the Saudi economy stronger than ever, according to the report.

Given the finite nature of Saudi Arabia's natural resources and the historical importance they have played in the nation's development, the kingdom has taken precautions to expand its economic base to minimize its reliance on oil, it said.

The International Monetary Fund expects Saudi Arabia's non-oil sector to grow by 5.4 per cent this year.

The kingdom has also worked to open its economy to foreign investment.

Since joining the World Trade Organization in 2005, Saudi Arabia has become the largest destination for foreign direct investment in the Arab world.

In 2010, Saudi Arabia was ranked 8th in the world in attracting direct foreign investment, according to a report released by the United Nations Conference on Trade and Development.