JEDDAH, 8 May 2008 — The Saudi Arabian General Investment Authority (SAGIA) yesterday announced its plan to hold an annual international knowledge forum in Madinah on June 22-24.
SAGIA Gov. Amr Al-Dabbagh said the forum, named Noor (light) and which is the first of its kind, would bring together a large number of intellectuals, scientists, investors and business leaders, adding that it would focus on health and information technology.
More than 100 Muslim investors and intellectuals have agreed to take part in the event. “We want to organize this forum annually as part of SAGIA’s strategy to attract investments in knowledge-based industries,” Al-Dabbagh said.
Madinah Gov. Prince Abdul Aziz ibn Majed said the three-day forum would contribute to modernizing the Saudi economy. “There are a lot of investment opportunities in knowledge-based industries,” the prince said, adding it will be held in cooperation with the Knowledge Economic City (KEC) in Madinah. “KEC will become a base for economic development and a cultural monument for the people and visitors of Madinah,” the governor said.
Dr. Salim Al-Malik, chairman of the forum’s scientific committee, spoke highly of the KEC, which was launched by Custodian of the Two Holy Mosques King Abdullah in June 2006. “KEC will make Madinah the capital of knowledge and the center for scholars as it was during the time of Prophet Muhammad (peace be upon him),” he pointed out.
Reputable international organizations and institutions including Harvard University, the Association of Muslim Scientists in the US and the Islamic Foundation from the UK will attend the forum. “We hope it will be a good beginning for the Islamic world to restore its leading position in knowledge and science,” Al-Malik said.
Highlighting the importance of knowledge-based industries, Al-Malik said many developing countries such as India, Singapore, Ireland, Finland and South Korea achieved tremendous progress as a result of investment in this field.
“If Saudi Arabia invests $10 billion in knowledge-based industries during the next five years it will become a Middle Eastern pioneer in the field. It will help increase its GDP by SR200 billion and create more than 850,000 jobs by 2020,” he said quoting a study conducted by a research center.
There are a lot of investment opportunities in knowledge-based industries including information technology, biotechnology, medical industry and education and health sectors. SAGIA has licensed 15 knowledge-based industries at Madinah’s KEC, involving a total investment of SR50.9 billion ($13.5 billion).
Al-Dabbagh said knowledge-based industries would provide added value to Saudi economy, increase gross domestic product and create more job opportunities for Saudis.
SAGIA is trying to make Saudi Arabia among the Top 10 investment-friendly countries in the world by the end of 2010. “For this purpose, we have established mega economic cities in less developed areas, which will be financed totally by investors,” he added.
Four major companies are involved in the development of the Knowledge Economic City in Madinah. They started work last month and will be completed within 10 years, Al-Dabbagh said. He added that the new economic cities would also accommodate small and medium scale industries.
