Addressing about 1,200 delegates, including 370 businesswomen, academics and economists at Jeddah Hilton, Prince Khaled expressed hope that JEF's recommendations would contribute to achieving sustainable development.

"Integration and fair competition are the two wings of progress and prosperity for humanity. Everybody should work together to achieve world economic recovery and stability," the governor said.

Nearly 35 international speakers will address the forum, which is expected to focus on the characteristics of the next phase of global economic growth. Speakers will discuss the outlook for the world economy in the next 10 years in key sectors.

"I hope the JEF will produce realistic resolutions that are good for application within a reasonable time frame," he told delegates. The governor also spoke about the humanitarian vision of Custodian of the Two Holy Mosques King Abdullah. "King Abdullah and Crown Prince Sultan are the main driving force of the Kingdom's development," he added.

Prince Khaled said Saudi Arabia has been playing a leading role in achieving global economic stability. "For the last several decades, Saudi Arabia has maintained its role as an active and important partner in the world economy."

Saudi Arabia is an active member of G20 and holds a leading position in the group, being the world's largest oil producer and exporter, the governor said. The Kingdom's moderate policies have won it international acclaim, he added. Prince Khaled later watched a documentary on JEF's history and progress.

The Makkah governor chose not to read the prepared text of his speech, urging the organizers to circulate it among the audience. He instead expressed his gratitude to the people of and visitors to "this beautiful city of Jeddah." Wearing a broad smile, he asked the gathering to give a standing ovation to the city, the principal gateway to the holy sites and the second largest city in the Kingdom.

The opening session was attended by Jeddah Gov. Prince Mishaal bin Majed and Commerce and Industry Minister Abdullah Zainal Alireza. The minister thanked Prince Khaled for opening the forum and commended the Jeddah Chamber of Commerce and Industry's (JCCI) role in organizing this important event.

"This forum is a good opportunity to discuss world economic issues and bring together people of different countries to exchange ideas," Alireza told the gathering.

Abdulaziz Sager, chairman of the Gulf Research Center (GRC), which organized the event, highlighted the importance of the JEF's 10th edition, adding that prominent speakers will discuss pressing world issues.

The topics to be discussed at the forum were selected by an academic committee comprising officials from leading educational institutions in Jeddah, including King Abdullah University of Science and Technology and King Abdulaziz University.

Speakers from abroad include Yutaka Kase, president and CEO of Sojitz Corporation, one of Japan's leading worldwide general trading companies, Simon J. Evenett, professor of International Trade and Economic Development, University of St. Gallen, Switzerland, and Alejandro Jara, deputy director-general of the World Trade Organization (WTO).

Veteran Saudi businessman Saleh Kamel, chairman of the JCCI, said JEF has played a significant role in strengthening Jeddah's international stature. He said the Nov. 25 Jeddah flood was not included as a topic, being a local issue and since investigations are ongoing.