Good governance a must to achieve economic goals, Saudi forum told

The forum aims to help achieve good governance in the corporate sector, especially the private sector which is being encouraged in line with Vision 2030 to help diversify the economy. (AN photo by Badr Alhamd)
Updated 26 April 2018

Good governance a must to achieve economic goals, Saudi forum told

  • The Pearl Initiative was formed in 2010 by prominent business leaders from across the Gulf region
  • Al-Falih said the forum was an appropriate event to help achieve good governance in the corporate sector

 RIYADH: Saudi Energy Minister Khalid Al-Falih highlighted “good governance” as a competitive necessity and a benchmark of progress for big or small companies on Wednesday.

Al-Falih was speaking at the Governance in Focus forum co-hosted by Saudi Aramco and the Pearl Initiative at the King Abdullah Petroleum Studies and Research Center.

The Pearl Initiative was formed in 2010 by prominent business leaders from across the Gulf region to create a non-profit vehicle for the private sector to take a lead in adopting higher standards in corporate governance, accountability and transparency.

Addressing a packed audience of business leaders, executives, officials and experts, Al-Falih said the forum was an appropriate event to help achieve good governance in the corporate sector, especially the private sector which is being encouraged in line with Vision 2030 to help diversify the economy.

He added that Vision 2030 put great emphasis on encouraging small and medium enterprises as they play a major role in emerging economies and will help contribute to the national transformation program.

The minister pointed out that integrating corporate governance into the strategy has become a competitive necessity as it presents opportunities to manage risks and add value, and that greater transparency with scrutiny and disclosure were key attributes of good corporate governance.

Amin Nasser, president and CEO of Saudi Aramco, said: “In our efforts to achieve Vision 2030 and align ourselves with its aspirations, the Kingdom’s corporations and entities, regardless of size, now have the opportunity to apply or redefine its set of governance at the highest standards, which is vital for the economic transformation currently under way in the Kingdom.”

Badr Jafar, founder of the Pearl Initiative, said the forum was an initiative with Aramco to shine a light on the various important roles that the government, business and philanthropic sectors need to play in creating corporate governance frameworks that support competitiveness, inclusiveness and sustainability in the region.


G20 discusses long-term vision for the digital economy

Updated 05 June 2020

G20 discusses long-term vision for the digital economy

  • Members from G20 countries, guest countries, international and regional organizations met virtually

RIYADH: The G20 Digital Economy Taskforce (DETF) held consecutive virtual meetings on June 3 to June 4 to discuss a comprehensive approach to digital economy policymaking and the future of digitalization.

Members from G20 countries, guest countries, international and regional organizations, addressed the relevance of digitalization in maintaining business operations following the COVID-19 outbreak.

READ ARAB NEWS' DEDICATED G20 SPOTLIGHT HERE

Data Flows, Smart Cities, Digital Economy measurement and Digital Security were also on the agenda as well as the Connecting Humanity 2030 initiative.

Delegates also discussed digitalization in the context of the current crisis with a long-term vision for the best use of digital tools to build economic resiliency and promote job retention.

Prior to the DETF meeting, on June 1, the Dialogue on Trustworthy AI in Pandemic Response brought together experts from both the public and private sectors, and academia to explore the optimal role of government in Artificial Intelligence.

The potential use of the technology in diverse sectors was raised, along with how AI can be an efficient tool in pandemic responses. The Dialogue also examined the G20’s role in policy discussions and the long-term inclusion of AI on the G20 agenda.

G20 Digital Economy Ministers will review and continue the work of the Taskforce at their meeting on July 22-23.