RIYADH: The World Bank has opened a new regional hub in Riyadh to serve the Middle East, North Africa, Afghanistan, and Pakistan, as the Washington-based lender continues to boost its presence in the region.
According to a press statement, the new Riyadh hub will be co-located with the World Bank Group’s Gulf Cooperation Council regional office, bringing its leadership closer to country teams, clients, and regional partners.
The opening of the new regional hub signals the deepening ties between the World Bank and Saudi Arabia, as in December, the lender signed a strategic agreement to launch a new global knowledge hub in Riyadh to facilitate regional and global knowledge exchange, joint research, and capacity-building initiatives aimed at advancing global development impact.
Commenting on the opening of the new regional hub, Ousmane Dione, vice president of the World Bank for the MENAAP region, said: “Riyadh is not only a gateway to the region’s transformation, but also a powerful platform for global knowledge exchange and policy innovation.”
He added: “It is especially meaningful to mark this relocation on Saudi National Day, a moment that celebrates the Kingdom’s transformation and its growing role as a global convener of development knowledge.”
In the press statement, the lender added that the opening of the new regional hub aligns with the 50th anniversary of technical cooperation between the World Bank and Saudi Arabia.
In recent months, the institution has awarded a $650 million disaster management loan for Turkiye, a $146 million grant to Syria to help restore reliable, affordable electricity, and $930 million in financing to help improve Iraq’s railway performance, boost domestic trade, and diversify the country’s economy away from oil.
The regional hub development aligns with Saudi Arabia’s government-backed regional headquarters program, launched in 2021, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom.
A Saudi Press Agency report in March said that over 600 international companies, including Northern Trust, IHG Hotels & Resorts, and Deloitte, have already established their regional bases in Saudi Arabia.
Source: www.arabnews.com