RIYADH, 21 January 2008 — Custodian of the Two Holy Mosques King Abdullah said yesterday that Saudi Arabia would continue proceeding with economic reforms, adding that they would have a positive impact on the economy and the well-being of Saudis.
“The Kingdom has undergone several reforms and we will continue with these economic reforms,” King Abdullah said in a speech, which was read out on his behalf by Riyadh Governor Prince Salman at the opening of the 2nd Global Competitiveness Forum here last night.
King Abdullah referred to the Kingdom’s judicial reforms, adding that he had allocated SR7 billion to upgrade judicial facilities. The reforms in the education system will cost more than SR11 billion, he added.
The king noted his government’s support of the private sector, which would play a greater role in the country’s economic development. “The Kingdom is continuing to support the main engines of economic growth by encouraging the local and foreign private sector to contribute to the development of economic cities,” he said, adding that they are potential areas of investment for local and foreign investors.
“In addition, Saudi Arabia has gradually opened several sectors for investors, which include telecommunications, airlines and insurance,” the king added. “International companies have shown interest in these areas and this again proves that Saudi Arabia is a major attraction for foreign investors.”
The king said that reforms, in addition to opening several sectors for foreign investment, would enhance business infrastructure in the Kingdom and increase its global competitiveness.
“We intend to enhance, gradually and continually, the investment environment with the purpose of supporting the private sector,” the king said, adding that providing job opportunities to Saudi men and women after training them is a major priority for the government. He thanked international businessmen for attending the forum, saying their experiences and ideas would contribute to improving Saudi Arabia’s investment climate.
On behalf of King Abdullah, Prince Salman honored Singaporean Minister Mentor Lee Kuan Yew, the chief guest. The governor also honored the forum’s sponsors, including Saudi Research & Marketing Group (SRMG), the publishers of Arab News.
Senior government officials and prominent international businessmen will speak during the forum on the theme “Competitiveness as an Engine for Economic Growth.”
Economic experts from the Kingdom and around the world are expected to present papers highlighting the measures adopted by the Kingdom to gain a competitive edge in the market. The event will provide an insight into investment opportunities in Saudi Arabia for both local and international companies.
Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), said speakers would address pressing international issues with a special focus on improving the investment climate in the context of global events.
The forum will take place in 12 sessions addressing various topics on competitiveness and its impact on global and local economic growth. Saudi speakers include Minister of Commerce and Industry Dr. Hashim Yamani, Minister of ICT Mohammed Jamil Mulla, President of King Abdul Aziz City for Science and Technology Dr. Mohammed Ibrahim Al-Suwaiyel and Director General of Saudi Arabian Airlines Khalid Almolhem.
International speakers include Professor Michael Porter from Harvard University, Dr. John Quelch, senior associate dean, Harvard Business School, Professor Stephan Garelli, director IMD World Competitiveness Yearbook, Professor Jane Nelson, senior fellow and director of CSR Initiative, Harvard University and Dr. Amory Lovins, chairman, Rocky Mountain Institute.
Prominent international business leaders include John Chambers, chairman and CEO of Cisco Systems, Alan Boekmann, chairman & CEO, Fluor Company, David Kim, chairman of Daesung Group, Dr. Gro Brundtland, former prime minister of Norway and former director general of the World Health Organization.
