Riyadh, Asharq Al-Awsat- The Saudi Arabian General Investment Authority (SAGIA) has unveiled plans to set up the “Competitiveness Center” worth SR120 million to upgrade the country’s ability to further attract foreign investments.

In a statement, the Governor of SAGIA Amr Al-Dabbagh said the authority has signed a contract with “Monitor”, one of the leading companies in the world for building investment support centers, assisting SAGIA and relevant government bodies to reach the strategic goal of upgrading the rating of the Kingdom to the tenth rank by 2010 in terms of competitiveness of the country’s investment environment.

The role of the center will not be confined to theoretical studies but will become a tool to carry out working plans in cooperation with the public and private sectors, the governor said.

A report by AFC, an affiliate of the World Bank, on the ability of the competitiveness of the countries of the world in attracting foreign investments called “Doing Business”, said the Kingdom of Saudi Arabia ranked 38 among 155 countries and the first of Arab countries according to a survey conducted last year.

Al-Dabbagh attributed this leap in the Kingdom’s rating to the effectiveness of the government’s efforts in improving the economic and investment climate.