The minister was speaking at the award ceremony for the King Khalid prize at a dinner hosted by the forum at the Four Seasons Hotel in Riyadh on Sunday. Asir Gov. Prince Faisal bin Khalid, president of the King Khalid Prize, and SAGIA Gov. Amr Al-Dabbagh were present at the function.

“The forum helps the private sector to forge ahead in their respective fields,” the minister said, pointing out that the King Khalid Award for Responsible Competitiveness, which is offered in memory of Prince Faisal’s father, further encourages competitiveness among entrepreneurs.

Al-Othaimeen noted that such awards are not only given to encourage entrepreneurs but also for people to live happily in a conducive economic environment. He took the opportunity of thanking Custodian of the Two Holy Mosques King Abdullah for paving the way for social and economic development in the country.

The minister insisted that there should be close cooperation between the private and public sectors for the country to develop according to the leadership’s vision. He said such an alliance would generate more jobs for local youths and that the Kingdom will be in a position to effectively implement its Saudization programs.

In his opening remarks, Prince Faisal said that the King Khalid Prize was introduced in the Kingdom to encourage businessmen to be more competitive in their ventures, which would eventually contribute to Saudi Arabia’s economic prosperity.

He stressed the need for industrial growth for a country’s economic development. He said such constructive efforts made by the private and public sectors to boost the industrial sector would help the government reduce the unemployment problem in the country.

The first King Khalid Award for Responsible Competitiveness was given to Saudi Arabian Basic Industries Corporation (SABIC), while the second and the third prizes were offered to National Commercial Bank and Soliman Faqeeh Hospital in Jeddah, respectively. A total of seven prizes were given during the ceremony.

In accepting the first prize, Mohamed Al-Mady, vice chairman and chief executive officer of SABIC, said it had pursued a clear and consistent strategy throughout its history to bolster its role in supporting sustainable development. It has also contributed to the national economy’s competitiveness so as to have a leading position in the global economy.

He stressed SABIC’s participation in the competitiveness index was an indication of the company’s desire to continue growth and sustainable development. He underlined SABIC’s role in providing charitable contributions to the community and support for the national development agenda.

The King Khalid Award was instituted following an agreement between King Khalid Charitable Foundation and SAGIA in 2008 as a contribution from the foundation for promoting best practices that are socially responsible and support sustainable development.