A New Investment Plan for Saudi Arabia Announced at GCF 2015

RIYADH, Saudi Arabia, January 28, 2015 /PRNewswire/ --

The eighth Global Competitiveness Forum drew to a successful conclusion following a packed agenda examining how government can create a viable economic environment in which business can thrive and prosper.

The second working day of the Forum began with a keynote speech from SAGIA Governor Abdullatif Al-Othman, presenting the Unified Investment Plan that is defining SAGIA's renewed inward investment strategy.

The aim of this plan is to transform the Kingdom's investment landscape by further diversifying the economy; building the Kingdom's knowledge base; creating and supporting worthwhile job opportunities, and maintaining the ease of doing business within Saudi Arabia.

The plan outlines four sector specific approaches to achieving this: to integrate the energy sector with develop downstream chemicals and manufacturing; to transform the construction, retail, tourism, and real estate sectors into high productivity economic engines; to accelerate the development of healthcare, transport and mining; and to improve the competitiveness of the Kingdom by means of research, and development and innovation in education and ICT.

Following the unveiling of the investment plan it was Saudi Aramco's turn to offer their perspective on the Kingdom's economy, with President Khalid Al Falih in conversation with British journalist Nik Gowing. They discussed current factors affecting the global oil market, and Saudi Aramco's strategy of diversification. The oil giant is making significant investments in alternative energy, as well as huge investments in talent and technology to ensure it retains industry leadership for the benefit of the Kingdom.

Other highlights of the concluding day of the GCF included 'a conversion on employment' between Saudi Labor Minister Adil Faqeeh and Italian Minister of Economic Development, Federica Guidi, which covered issues such as aligning education to support current and future industry, and the skills and competencies that workers need to succeed in today's changing job market.

Also on the day's agenda was a panel discussion on the role of banking and innovative financing in competitive economies featuring Professor Deborah Lucas of MIT. This session examined how the flow of capital contributes to economic growth, and how government regulation of financial institutions translates into changes in the market.

For more information, go to: http://www.gcf.org.sa

Media enquiries:
May Bin Dayel: MBinDayel@sagia.gov.sa 
Nick Cash: gcfe@alefinternational.com
+966-(0)11-462362

SOURCE GCF