Saudi Arabia Implements Nearly 1,000 Economic Reforms as Competitiveness Ranking Rises
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RIYADH, Saudi Arabia , August 20, 2026 , Saudi Arabia Breaking News: Saudi Arabia has implemented nearly 1,000 economic and development reforms and initiatives over the past decade as part of its Vision 2030 drive to strengthen competitiveness, improve the business environment and diversify the economy, the Saudi Press Agency reported.
The reforms, coordinated through the Saudi Competitiveness and Business Center and government partners, span legislative, procedural and technical changes across 16 priority sectors.
Saudi Arabia also issued around 1,200 laws and regulations, including major legislation covering companies, bankruptcy, commercial courts, commercial registration and trade names.
Business procedures were streamlined through the redesign of 100 investment journeys, while more than 600 licenses were converted into instant licenses, according to SPA.
The reform program also expanded public and private-sector consultation, including through the Istitlaa Platform, and introduced mechanisms to monitor implementation and assess the impact of regulatory changes.
The measures have coincided with gains in international competitiveness rankings. In the 2026 IMD World Competitiveness Yearbook, Saudi Arabia ranked 13th globally and third among G20 economies, while placing among the world’s top 10 in 74 sub-indicators.
The World Bank Group has also selected Saudi Arabia as a center for knowledge exchange on economic reform practices, SPA said.
The reforms form part of the broader Saudi Vision 2030 strategy to build a more diversified economy, attract investment and strengthen the Kingdom’s position as a global business and trade hub.
Source: Saudi Press Agency (SPA)
