JEDDAH, 14 February 2006 — A top US publisher yesterday rejected the Western assumption that Saudi Arabia and the rest of the Middle East would be paralyzed without oil.

“One of the factors justifying this rejection is the region’s intensification of economic diversification coupled with privatization,” Steve Forbes, president and CEO, of the US-based Forbes Inc., told the 7th Jeddah Economic Forum yesterday.

“Achieving the dream of a successful global economy” was the subject of the final session of the forum.

“In fact, Saudi Arabia has the best environment for business and has an edge over even Dubai,” he said, urging the Kingdom to intensify and expand its process of privatization. He also cautioned the region not to depend entirely on the rising oil prices for running its economy. The forum, which was attended by a large number of delegates and addressed by international, regional and national speakers, focused on various aspects contributing to sustainable economic growth during its three-day run. Terrorism was one other subject that was discussed in one of the final day’s sessions.

Human suffering is an undeniable consequence of terrorism. Victims of terrorist activities leave behind loved ones who struggle to move forward despite their loss. Building on this theme, the session provided a platform for the families of victims of terrorist acts to share their experience and discuss how terrorism had affected their lives.

Sonia “Tita” Puopolo, family member of a victim of the Sept. 11, 2001 terrorist attacks on the United States, and Gregory Payne, general director of the Saudi-American Exchange, shared their experiences.

“Terrorists were and are in a minority and they have nothing to do with Islam or Saudi Arabia,” said Payne.

“We need to open more lines of communication and encourage a constructive dialogue to defeat the campaign of stereotyped images blaming Muslims or Islam through the media. Such campaigns have not done any good,” Puopolo said.

“The challenge of Africa” was in focus at an earlier session, with Islamic Development Bank President Ahmed Muhammad Ali outlining some of the problems that beset the African continent. Three African leaders called on Saudi businessmen to take advantage of the vast potential existing in the continent for investment.

Ghana’s former President Jerry Rawlings presented his country’s success story as a stable economy. Congo-Brazaville Forestry and Environment Minister Henri Djombo and Zodwa Manase, CEO, Manase & Associates, South Africa, joined Rawlings in calling on Saudi businessmen to invest in their countries and elsewhere in the continent.

The event was described as a “big success” by Amr Enany, chairman of the JEF and Ziad Albassam, vice chairman of the Jeddah Chamber of Commerce and Industry at a concluding press briefing.

“This year’s forum was mostly organized and managed by Saudis, unlike in the previous years when foreigners were relied upon,” Enany said. The forum’s conclusions will be prepared in due course and published on the JEF’s www.jef.org.sa. website, Enany added.

The organizers may consider changing the venue for the next year’s event due to lack of space at its current location.

“We might rent an extra venue next time in order to accommodate the vast number of delegates,” he said, adding that the city with the JEF’s growing attendance and appeal “surely needs a dedicated convention center.”

“In fact, the JCCI will consider establishing a new convention center as one of its main priorities,” Albassam, said. He did not elaborate the details like the location and cost of the proposed convention center.

The JEF has undergone many changes and developments over the years. It initially started with 20 sessions and 30 speakers and has now been expanded to 42 sessions and 130 speakers.

The city has benefited a great deal from the annual forum, especially in terms of economic and social benefits, he said, adding that many deals were set during the JEF period and some hotels in particular reported high room occupancies.

The participation of an increasing number of Saudi women was noted at this forum.

“Their participation has contributed to the forum’s success,” Albassam said.

— With input from Khalil Hanware, Hasan Hatrash, Samir Al-Saadi and K.S. Ramkumar