Jeddah Chamber of Commerce and Industry (JCCI) Chairman Saleh Kamel, announcing this at a press conference on Monday, said the theme of the forum had not yet been decided, but the three-day gathering would focus on means of further augmenting Saudi Arabia’s economic relations with Asian countries.

The chairman said the forum would review the economic experiments of these countries with a view to benefiting from them.

“Unlike other activities organized by the JCCI, the JEF does not cause the chamber any financial losses,” he said.

He pointed out that the chamber had incurred losses of SR6 million on the just-concluded Jeddah Summer Festival and SR1.8 million on the Jeddah Trade Forum.

Kamel said the JCCI would soon launch a business development center to explore investment opportunities, establish companies, re-dress faltering projects and find financing partners.

“The proposed center will be a meeting forum for businessmen and investors to get together to form partnerships and strike deals,” he said and recalled that the Jeddah Company for Investment Opportunities, which was recently established with a capital of SR200 million, represented the first step toward the establishment of the center.

He said the center would start its activities with marketing a company to promote education that would establish the first IT university.

“We are currently considering the headquarters of the university, either in the town of Qunfudah or Laith,” he added.

The chairman said the second company to be established by the center would be called Waj Company, named after a valley in Taif.

It would grow fruits and vegetables in the area.

Kamel said the JCCI would set up a SR100 million wakf (endowment) fund to care for the needs of the disabled.

“This project comes in the wake of another charity fund the chamber recently established with a capital of SR100 million to finance small and medium enterprises, which was launched by Prince Khaled Al-Faisal,” he said.