Riyadh: Saudi Arabia's National Competitiveness Center (NCC) and Singapore's Ministry of Law have signed a memorandum of cooperation to enhance the legal and regulatory frameworks in both countries. This is part of broader efforts to drive sustainable economic growth and improve global competitiveness.
According to Saudi Press Agency, the agreement was signed in Riyadh by Minister of Commerce and Chairman of the National Competitiveness Center Dr. Majid Al-Kassabi and Singapore's Minister of Law, Edwin Tong.
Speaking at the ceremony, Al-Kassabi described the deal as a 'milestone' in Saudi Arabia's institutional reform agenda and a key step toward positioning the Kingdom as a leading global investment destination. He pointed to Singapore's international reputation in legal innovation, governance, and digital transformation as a model for cooperation.
'This partnership reflects the Kingdom's commitment to building a legal ecosystem that fosters economic prosperity, dispute resolution, and regulatory clarity,' Al-Kassabi said. 'It will contribute directly to the goals of Vision 2030 and support Saudi Arabia's preparations to host Expo 2030 and the FIFA World Cup 2034.'
The agreement sets the stage for collaboration in areas including legal research, legislative development, commercial arbitration, and digital transformation of legal systems. It also aims to build institutional capacity by facilitating the exchange of expertise in regulatory and governance practices.
Dr. Al-Kassabi invited Singaporean public and private sector leaders to visit the Kingdom and explore the growing range of investment and cooperation opportunities emerging from Saudi Arabia's economic transformation.
The memorandum comes as the center continues to forge partnerships with international institutions to advance its competitiveness, enhance the business climate, and empower the private sector as part of Vision 2030's overarching goals.