JEDDAH, 20 January — Makkah Governor Prince Abdul Majeed opened the third three-day Jeddah Economic Forum at the city’s Hilton Hotel yesterday, stressing the need to encourage foreign investors to take advantage of the Kingdom’s vast economic opportunities. "The need for overseas investments is all the more opportune now in the context of the Kingdom’s new investment regulations," he said.

"The most important matter reinvented in the present day world is the role of economic cooperation in bringing the civilizations closer," the prince said and stressed the importance of encouraging competition based on science and technology that would lead to inventions and improved technologies.

"I would like to underscore on this occasion what I said in earlier forums — and which has been stressed repeatedly by all Saudi leaders — that there is vast scope for investments in the Kingdom and there is a need for encouraging foreign investments, particularly with the help of the new regulations introduced for the purpose," the prince said.

Bahraini Crown Prince Salman ibn Hamad Al-Khalifa, who delivered the keynote address of the day, is among 50 leaders from 30 countries attending the forum. Six hundred delegates have registered for the event.

Former US President Bill Clinton and Prince Alwaleed ibn Talal, chairman of the Kingdom Holding Company, are among those addressing the forum today. They will directly address some of the challenges facing global commerce after the Sept. 11 attacks on the US. Speakers and delegates will debate the role of business in conflict prevention, crisis communications, and the need to develop greater levels of understanding and tolerance between peoples of different cultures and religions.

On the forum’s concluding day tomorrow, the US President George W. Bush’s brother, Neil Bush, chairman and chief executive officer of Ingite! Inc., will start off discussions that will focus on the stability and security of the world’s energy markets and on the role of leadership in times of crisis.

In his welcome address Abdullah Zainal Alireza, chairman of the Jeddah Chamber of Commerce and Industry, said the Sept. 11 attacks had harmed not only the US economy, but also the "whole human society. We’ve no other choice but to believe in diversity and respect civilizations." He also focused on the Kingdom’s vast investment potentials following the implementation of the new investment regulations.

In his keynote address, the Bahraini crown prince urged the Gulf Cooperation Council to accelerate economic integration. But, he added, the GCC states were still adopting a protective economic policy. Not enough economic sovereignty has so far been given up by the member states. They were "unwilling to make sacrifices," he added.

In his introductory remarks at the inauguration, Amr Dabbagh, chairman of the Jeddah Marketing Board and the Jeddah Economic Forum, said the events of Sept. 11 had necessitated a review of the preparations for the forum, which commenced at the end of last year’s forum.

Organized by the Jeddah Marketing Board, the forum entitled "Managing in a complex global environment" covers a wide rage of issues.

"This year’s forum is taking place at a time when the world finds itself at a crossroads," said Dabbagh in his address. "We hope that it will present a clearer idea of the way ahead for international relations, and challenge global business to address very real issues that concern the wider world."

The Makkah governor honored Prince Alwaleed ibn Talal, the leading sponsor of the event. Other sponsors honored include Waleed Al-Juffali, Abdullah Bahamdain, chairman of the board of directors of National Commercial Bank, Muhammad Abdul Latif Jameel, Bakr Muhammad Binladen, Saleh Kamel, Abdul Rahman Al-Jeraisy, Khalid Ahmed Zainal Alireza, executive director of Xenel Industries Ltd. and the Saudi Research & Publishing Company, the official publisher of the forum.

Prince Abdul Majeed also honored Bahraini crown prince with a memorial shield while the JCCI chairman decorated Prince Abdul Majeed with a memorial shield.

The topics of discussion have also been revised following the Sept. 11 to include the recession in the American economy following the terrorist outrages, the collapse of Enron Corp. and the economic crisis in Argentina.

Commerce Minister Osama Faqeeh and Thomas W. Malone, professor of information systems at the MIT Sloan School, spoke on Saudi and global perspectives for 2002.

The first session of the forum followed in which John Van Maanen, Erwin Schell professor of organization studies at MIT Sloan School of Management, gave a presentation on "Inside the 21st century firm: Some cautionary notes."

A panel discussion on "Organization change in troubled times" was held. Participants included John Van Maanen, as the moderator, Prince Sultan ibn Salman, secretary-general of Saudi Arabia Supreme Council of Tourism, Haj Minister Iyad Madani, Jean-Claude Baumgarten, president, World Travel & Tourism Council; Professor John Quelch, senior associate dean, Harvard Business School, Khalid Kanoo, chairman, Bahrain Chamber of Commerce and Industry.