Turkish Prime Minister Recep Tayyip Erdogan, guest of honor at the JEF, too spoke at the opening.

He said the forum provided a platform for economic growth through consultations and Jeddah Chamber of Commerce and Industry (JCCI) Chairman Saleh Kamel said a most modern and well-equipped trade, exhibition and conference center would be set up in the Old Jeddah Airport area.

He also unveiled plans for rebuilding the Ruwais area.

The JEF, organized by the JCCI, is titled “A 21st Century Transformation: The Impact of Global Forces.”

The sessions are being held from Sunday through Tuesday at the Jeddah Hilton.

Rustem Khamitov, president of Republic of Bashkortostan, opened a Russian trade exhibition at the Hilton Hotel that runs alongside the JEF.  He is a key figure in a 72-member Russian business delegation visiting Jeddah.

The governor and other speakers praised Custodian of the Two Holy Mosques King Abdullah’s recent decrees, which are aimed at bringing prosperity to the nation and its people. They stressed the need for unity to achieve national goals.

The inauguration followed the JEF Awards ceremony.

Russian-Arab Business Council Chairman Vladimir Evtushenkov, Google’s Engineering and Product Management Vice President (Europe) Nelson Mattos and 40 other leading local and international players are attending the forum.

There will be a discussion on technological changes and their role in boosting the Kingdom’s productivity.

Delegates will discuss ways of achieving sustained economic growth, a stable business environment and job opportunities.

The forum will be quite different from the past 10 forums in terms of the topics of discussion, Kamel said.

A select group of local and international economists, social, and cultural thinkers along with elite politicians and academics are expected to enrich the activities of the JEF with their experiences.

Since its inception in 2000, the forum has greatly contributed to the development of Jeddah as a distinct city on the map of global forums.

It has further promoted the city as the commercial capital of Saudi Arabia and highlighted its role as a major center of finance, trade and economy in the Middle East, and the economic capital of the Arab world.

He said a Waqf fund was being set up to promote small-scale enterprises and praised the overwhelming support from leading private sector groups for this effort.

He also highlighted the highest honor accorded to women in the Kingdom in line with Islamic principles.

Saudi Arabian Monetary Agency Gov. Muhammad Al-Jasser is the keynote speaker on the first session on Sunday, with BBC World news anchor Mishal Husain as the moderator.

Erdogan will be the main speaker in the second session of the day.

King Faisal Center for Research and Islamic Studies Chairman Prince Turki Al-Faisal is the main speaker of the third session.

Speakers of Monday’s sessions on the theme “The State as Equity Partner” include Saudi Arabian Airlines Director-General Khaled Al-Molhem and Bank of America Executive Vice Chairman Richard McCormack.

Hail Gov. Prince Saud bin Abdul Mohsen will attend Monday’s sessions.

Saudi Arabian General Investment Authority Gov. Amr Al-Dabbagh and National Commercial Bank CEO Abdulkarim Abu Al-Nasr are among the key speakers in Tuesday’s sessions.

Prince Saud, Prince Turki Al-Faisal and Jeddah Gov. Prince Mishal bin Majed attended the inauguration on Saturday night.

It included a presentation, titled ‘Homage to Jeddah’, as a show of gratitude to young volunteers who played a major role in the massive rescue efforts after the flood disasters that hit Jeddah early this year and on November 26, 2009.