Experts highlight ways to boost Saudi industrial growth

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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
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The risks, challenges and successes in industrial development were discussed during the first day of the Makkah Economic Forum in Jeddah City on May 6, 2018. (AN photo by Huda Bashatah)
Updated 07 May 2018
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Experts highlight ways to boost Saudi industrial growth

  • For local and foreign investors, there is a need for greater unity of purpose, and clarity of responsibilities in the current governmental structures, says Doug Peel, the head of an international law firm.
  • Andreea Zugravu, principal with A.T. Kearney Middle East, stressed that technology is crucially important for the Saudi human capital.

JEDDAH: The Makkah Economic Forum taking place in Jeddah City for two days, May 6 - 7 at The Ritz Carlton Hotel brings together all the people who should be involved in the dialogue of investment facilitations and possibilities in Makkah region to frankly address the possibilities, the challenges, risks, and goals. 
The forum started by putting the focus on national industrial development, discussing its risks, challenges and successes during the first panel of the forum.
Doug Peel, head of the Middle East, White & Case LLP, the international law firm that that supports governments, companies, and financial institutions in achieving their global ambitions, said during the panel, “we need a culture with a strong risk taking in order to see positive results.”
Peel explained the challenges facing local and foreign investors. “There is a need for greater unity of purpose, and clarity of responsibilities in the current governmental structures,” Peel told Arab News. 
“Everybody is trying very hard to do the right thing and most of the time the right thing is done but sometimes there is an overlapping of responsibilities between different ministries, or multiple bodies with more or less the same responsibilities. Simplifying that would be one ways to address that challenge,” he added.
Peel sees that the Saudi system of commercial and investment law is becoming more attractive. “Saudi laws have definitely become much more business and investors friendly in the almost six and a half years.”
However, Abdulaziz Al-Rashid, deputy for economic affairs, Ministry of Economy and Planning, said: “The communication between government entities today is stronger than ever.”
Yasuhiko Hashimoto, executive officer and joint head of Europe, Middle East and Africa at Mizuho Financial Group, said: “In order to see positive results in the work system, communication between government entities should be strong and clear.”
“Joint work themes between Saudi Arabia and Japan were discussed at the Saudi-Japan business forum. One of the main themes being discussed is the development of joint SMEs,” Hashimoto told Arab News. 
Moderator Andreea Zugravu, principal with A.T. Kearney Middle East, highlighted the new spirit in the Saudi investment environment.
“There are two main differences we see in Saudi Arabia, first the energy that the government has managed to put through, and the enthusiasm not only for foreign investors who are very attracted by the potential of Saudi Arabia, but also for local investors and local youth. That is fantastic because it builds on a platform that we can develop upon,” she told Arab News.
“The second thing is that the whole world is changing when it comes to industrial development and technology, in Saudi Arabia’s industrial development journey need to bring technology a lot more to the forefront, like 3D printing, artificial intelligence, internet of things, and so on.”
She said technology is crucially important for the Saudi human capital.
Regarding women integration at workplace, Zugravu said: “We need to do a lot more when it comes to inclusive environment in Saudi Arabia, and leveraging with the human capital of women.”
The Kingdom, she said, has achieved progress in this regard.
“In the industrial sector there is a lot of things need to be done, the kind of infrastructure that we need to allow women to join the labor market in a way that is safe.”


Pilgrims to flock to Mount Arafat to mark most important day of Hajj

Updated 21 min 22 sec ago
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Pilgrims to flock to Mount Arafat to mark most important day of Hajj

JEDDAH: Around two million pilgrims will ascend the plains of Mount Arafat shortly after sunrise on Monday to perform the most important ritual in Hajj.
Standing on Mount Arafat until the sunset on the 9th day of Dul Hijjah is the one of the most important rituals of the Hajj pilrimage.
Pilgrims converge on the hill, dedicated to prayers and reflection, where Dhuhr and Asr prayers are prayed together.
Chanting “Labbayk Allahumma Labbayk” (Here I am O Lord, answering your call), pilgrims sought blessings and mercy from God Almighty.
Muslims believe that the Day of Arafat is when one’s sins can be forgiven. It is narrated that Prophet Muhammad said the day: “Expiates the sins of the previous year and that of the following year.”
It is also narrated that Prophet Muhammad said: “There is no day on which Allah frees people from the Fire more so than on the Day of Arafat,” in reference to the fires of Hell.
Muslims who are not performing Hajj observe the day by fasting from dusk till dawn.
Saudi authorities announced their optimum preparations for Hajj this year to ensure safety and create comfortable conditions for pilgrims to perform rituals.
After standing on Arafat, pilgrims head to the site of Muzdalifa to spend the night, as per Hajj obligations.
Muzadlifda is the area for performing Jamarat, the symbolic stoning of the devil.