The first Riyadh International Exhibition (RIE-2014) kicked off here Sunday night with the participation of 17 countries, including Philippines, Germany, Morocco, Kuwait, Russia and Algeria.

The first event at Riyadh International Convention & Exhibition Center (RICEC) will showcase local and international products, mega projects and partnership opportunities bringing together businessmen and consumers on a common platform where they can have opportunities for business exchanges.

Minister of Commerce and Industry Tawfiq Al-Rabiah, opened the five-day event under the aegis of Custodian of the Two Holy Mosque King Abdullah.

High-ranking officials from the Ministry of Foreign Affairs (MOFA), the Council of Saudi Chambers (CSC) Riyadh Chamber of Commerce and Industry (RCCI), and the Saudi Development Fund (SDF) were among those present. The main sponsor of the event will carry the name of the country similar to the one in another major cities in the world.

According to the event media consultant, among highlights of the event is the participation of the High Commission for Riyadh Development (HCRD) in a big pavilion that would accommodate Riyadh Metro and Public Transportation project.

“Saudi economic position in the world is very attractive and competitive, while the country has high hopes of becoming more open economy and offers greater opportunities,” organizing committee head Usamah Al-Kurdi told Arab News prior to this event.

RIE-2014 will create competitiveness for consumers and for businessmen to discuss face-to-face cooperation that would boost the national economy and for the local consumers who are seeking competitive products and services.

This also serves Saudi companies and the private sector where they will meet their counterparts from foreign firms where the RIE-2014 will provide pavilions for local and international firms.

There are also Saudi firms where they can identify the needs of Saudi market in terms of products and services. This will benefit both parties and promote partnership later. He said the Saudi economy remains competitive, while the country is becoming more open in terms of business opportunities.

The organizing firm, Alagat, under the chairmanship of Al-Kurdi, who is also vice chairman of the International Chamber, noted the global event will be held annually during which he expect to attract greater participation next year in view of the opportunities being offered by Saudi Arabia and many important sectors in infrastructure, transportation and energy

RIE-2014 offers investment trade and business opportunities for the business community enabling them to develop the level of the economic exchange between the Kingdom and other countries to a new height of cooperation.

This will create a new market in the Kingdom for current and new products and services from other countries. It will also create a venue for further contacts and cooperation between both local and business communities. This will deepen international cooperation in various fields, he added.