GCF to launch new platform for showcasing investment opportunities

GCF to launch new platform for showcasing investment opportunities
Updated 18 January 2014

GCF to launch new platform for showcasing investment opportunities

GCF to launch new platform for showcasing investment opportunities

The Global Competitiveness Forum (GCF), which kicks off on Saturday with the support of Custodian of the Two Holy Mosques King Abdullah, will launch for the first time a new platform to showcase investment opportunities in the Kingdom.
The 'Invest in Saudi' exhibition will serve as a mega exploration and information sharing marketplace to shed light on the variety of golden investment opportunities in the Kingdom, as well as a superb chance to network with the biggest names in the business, a great added value for all participants at the forum.”
The Saudi Arabian General Investment Authority (SAGIA) is organizing the event for the seventh year in succession. Its chairman Abdul Lateef Al-Othman will deliver the welcome address at the inaugural ceremony being held at the Four Seasons Hotel on the opening day.
The GCF will feature local and regional authorities, and business leaders with world global thought leaders shedding light on local, regional, and global business trends and opportunities.
For 2014, It would focus on the theme of Building Competitive Partnerships, such as investing in strategic alliances enabling businesses to gain a competitive advantage through access to partners’ resources, technologies and capital, essentially building a solid work force to deliver a prosperous economic future.
The agenda will touch on all forms of investment opportunities in the Kingdom highlighting the success stories as well as addressing the global and regional trends in business competitiveness, including strategies for economic growth, developing a world class infrastructure, and international trade partnerships.
In addition, the GCF will present a series of breakaway workshops that will expand on some of the valuable topics discussed onstage in small and intimate workshops.
The GCF, described as the only event of its kind, is an annual meeting of global business leaders, international political leaders, and selected intellectuals and journalists brought together to create a dialogue with respect to the positive impact organizational and national competitiveness can have on local, regional and global economic and social development. SAGIA founded it in 2006.
Established in 2000, SAGIA was mandated to look after investment affairs in Saudi Arabia and to help attract investments to serve the development goals and diversify the Saudi economy.
The strong economic performance has enabled the Saudi government to carry out massive fiscal spending to diversify the economic base horizontally and vertically, expand the absorptive and productive capacities of the national economy and enhance competitiveness.
Driven by these efforts, the nonoil sector, led by manufacturing, construction, wholesale and retail trade, banking and financial services as well as transportation sectors, has grown by 11.3 percent and 7 percent while accounting for around 49.2 percent and 51.8 percent of GDP in 2012 and 2013 respectively. This continues to give a major boost to the private sectors.
The young and growing Saudi population is expected to double by 2050 creating a solid domestic demand on goods, services and infrastructure, as a result. With 29 percent of the Saudi population under 15 years of age and around 68 percent in the working age (15-64), the Saudi government has recognized the importance of harnessing the potential of its young people through education and human development by allocating an average of 25 percent of its budget during the past 10 years.
SAGIA assists in providing information and statistics for investment projects that are within the scope of Saudi Arabia’s development plan.
100 percent foreign ownership permitted of companies, plant, equipment, projects and property. There are no restrictions on sponsoring foreign employees.
Available are land, electricity, water, gas and fuel in the Kingdom's 29 industrial cities and 4 economic cities at competitive prices. The industrial parks are equipped with public utilities such as roads, desalinated water, sewage, electricity, telephone, mosques, clinics, fire stations, restaurants, post offices and police stations.
The Saudi Industrial Development Fund provides soft medium and long-term loans to industrial establishments for up to 50 percent of the total cost of the project. The payback period is up to 15 years, with a two-year grace period from the start of production.