RIYADH, 3 December 2007 — Custodian of the Two Holy Mosques King Abdullah has called for joint participation of the private and public sectors for sustainable economic development in the Kingdom, said Finance Minister Ibrahim Al-Assaf while inaugurating the third biennial conference of the Riyadh Economic Forum (REF) on behalf of the king.
“Such a cooperation would not only enhance the Kingdom’s economy but would also help it meet the current challenges following its successful entry into the World Trade Organization,” said Al-Assaf.
Quoting the monarch, Al-Assaf said concerted efforts toward improving the economy would also contribute to the development of the Kingdom’s human resources. He added that, while improving the quality and quantity of the Kingdom’s products, everyone should strive to enhance citizens’ per capita income.
“We have received accolades from the World Bank as one of the top 10 countries that have offered attractive opportunities for foreign investors. We have allocated large funds for infrastructure development in health and education, and to raise the standard of living,” Al-Assaf said, adding that the Kingdom will work to avoid inflation.
Health Minister Hamad Al-Manie, acting minister of commerce and industry, described the Kingdom as the capital of the Middle East’s economy where people can invest freely and gain attractive returns.
Saad Al-Moajil, chairman of the REF, said that the Kingdom’s enormous revenues from oil and proper streamlining of economic resources would be one of the top issues to be discussed today. “Delegates will discuss the impact of fluctuation in oil prices and intelligent use of the country’s surplus budget by diversifying its projects to more viable areas. This is our development plan for the sake of the future generation,” he said.
Today’s discussions will also focus on the development of human resources, and explore ways and means of improving it by introducing new regulations among members of both the public and private sectors. Infrastructure development will be another key topic that will be discussed.
“It will include discussions on the development of seaports, railways, highways, gas projects, water and power,” Moajil said.
While evaluating the performance of the public sector, Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry, said the delegates will also discuss the need to enhance efficiency by introducing new regulations to satisfy both public servants and the beneficiaries of their services.
Riyadh Gov. Prince Salman said in a statement that the forum had opened the doors for intellectuals to form a sound economic platform to positively work for the Kingdom’s national economy. The governor hopes that the final recommendations of the forum would enlighten the concerned parties on major economic issues providing suitable solutions for the greater good of the country.
Recommendations from the forum will be forwarded to the Supreme Economic Council through Custodian of the Two Holy Mosques King Abdullah.
The five scientific sessions during the next two days will be chaired by Prince Mansour ibn Miteb, deputy minister of Municipal Affairs, Abdulaziz Al-Rashid, chief executive officer of Al-Rasheed Law Firm, Dr. Abdullah Al-Othman, rector of King Saud University (KSU), Muhammad Al-Qunaibet, head of the Saudi Economic Association, and Shoura Council Member Abdul Mohsen Al-Obaikan.
