Albaugh, who is on a visit to participate in the GCF, said that this is an interesting and inspiring event for people to get to know industry trends and exchange their experiences to improve their entrepreneurial skills.

The Boeing Company is one of the main sponsors of the GCF, which is taking place at the Four Seasons Hotel in the capital. The event that was inaugurated by Second Deputy Premier and Interior Minister Prince Naif on Saturday is organized by the Saudi Arabian General Investment Authority (SAGIA). Albaugh also participated in the panel discussions on innovation that was held on Sunday.

“Boeing is proud to be associated with the Global Competitiveness Forum, which is a world-class event organized by SAGIA to support Saudi Arabia’s economic development agenda,” Albaugh said. “Our involvement reflects the longstanding and valued relationship we share with Saudi Arabia and its people. Boeing is committed to supporting the Kingdom’s economic ambitions and our participation at the Forum reflects that commitment.”

Speaking about its role in the region, Albaugh said the initial study conducted by his company revealed that it could sell 1,700 planes in the Middle East market during the next 20 years. “The revised forecast, which was concluded subsequently at the end of last year, predicted that it could sell 2,300 aircraft during the same period,” he said, indicating the Middle East as the fastest growing region in terms of air transport.

Dwelling on the developments made in the Kingdom, he said that the world has witnessed a dramatic economic growth in the Kingdom. He pointed out that SAGIA has improved its ranking in the World Bank Ease of Doing Business Index 2011. “From the 183 countries surveyed for the report, Saudi Arabia has made significant progress by moving up to 11th place from the 67th place in the global ranking it occupied in 2005,” he said.

This is a testimony to a number of effective economic reforms introduced in the past five years to ease the regulatory environment, protect investment and enforce commercial contracts, making Saudi Arabia a more competitive and attractive investment destination globally, he noted.

He said five years ago, his company signed a memorandum of understanding with SAGIA for necessary cooperation in training programs in aircraft mechanics, decision-making and simulation capabilities.

Boeing is a founder of the offset program companies in Saudi Arabia. Alsalam Aircraft Company is one of the offset companies where Boeing holds the majority stake in the establishment.

“There are some 3,000 Saudis employed in this establishment,” he added.

The relationship between Boeing and Saudi Arabia goes back more than 65 years when, in 1945, US President Franklin Roosevelt presented a DC-3 Dakota to King Abdul Aziz Al-Saud. In 1962, the first Boeing 707 was delivered to the Saudi airline industry.

Over the years, Boeing has formed numerous partnerships with organizations, including SAGIA and King Abdulaziz City for Science & Technology.

Saudi Arabian Airlines, which operates a fleet of more than 120 aircraft, ordered last year twelve Boeing 777-300 Extended Range aircraft and firmed up a commitment to buy eight 787 Dreamliners as part of efforts to expand its regional and long-haul network.

“Compared to other aircraft manufactured by other companies, our planes are more capable than the other ones manufactured by the competitors,” he said, pointing out that Boeing sold fewer aircraft than the other companies last year since its prices are higher than that of its competitors because of its high capability and capacity.

“We want to make our customers happy and satisfied when they fly with Boeing aircraft,” he said.

Boeing is the world’s leading aerospace company and the largest manufacturer of aircraft in the civil and defense sectors combined. Additionally, Boeing designs and manufactures rotor-craft, electronic systems, satellites, launch vehicles and advanced information and communication systems. Headquartered in Chicago, it employs more than 159,000 people across the United States and in 70 countries.