BMG Economic Forum: Saudi Vision 2030 in concert
The impact of the coronavirus pandemic on society, the economy, the environment and much else has been immense, and projecting the path and pace of recovery is difficult, to say the least.
It is a first in so many ways, and artificially induced economic crises have few precedents. So we find ourselves with less guidance from history than usual and, therefore, it is even more important that we focus on the direction laid out for us. Where history can’t guide us, Vision 2030 can.
Foreign direct investment (FDI) is an important enabler of the Saudi vision and much has been done to make the country’s investment opportunities attractive. To enable an accelerated recovery, the country needs FDI more than ever.
For almost a quarter of a century, BMG Financial Group and its CSR arm, BMG Foundation, have hosted an annual BMG Summer Retreat, aimed at providing international investors with an understanding of the Saudi economy and investor-related legislation.
The event has always taken place in the UK, which for decades has been a second business hub and home for me and my company. The BMG Economic Forum is part of the BMG Summer Retreat, which also hosts a polo match, with the presence of Saudi and British royals among participants.
Vision 2030 remains a strong guide for building the Saudi economy and providing jobs for our youth, and it takes more than a pandemic to take our focus away from attracting foreign investors.
Basil M.K. Al-Ghalayini
However, due to the pandemic, we have to innovate by taking the forum online. Although electronic sports are booming (and Saudi Arabia is a key player in this industry), we decided against taking our polo match online. Instead we will host another BMG Classics concert, with an orchestra representing the G20 countries, live from one of the iconic concert halls in Vienna playing Saudi national songs in a classical format.
The forum will take place on July 15 and will be the first major event to provide the global investors’ community with a comprehensive update on the Saudi economy as well as on key industries — those that are pillars of the transformation of the Saudi vision.
The financial sector is among them, and we will discuss the next steps for further strengthening the capital market and its regulations. Also, health care has become an industry of national importance, so we will dive into supply chain security and patent partnerships to expand the Saudi pharmaceuticals manufacturing capacity.
Last week I wrote about the new mining law as it creates the potential for investing in sustainable mining industry. Bandar Al-Khorayef, minister of industry and mineral resources, will be one of the keynote speakers and will address this important sector.
Vision 2030 remains a strong guide for building the Saudi economy and providing jobs for our youth, and it takes more than a pandemic to take our focus away from attracting foreign investors. I hope the BMG Economic Forum, in its innovative format, can help attract FDIs to the Kingdom. To join us, please email [email protected]
* Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.