RIYADH, Saudi Arabia, January 23, 2012 /PRNewswire/ --

Investments are the engine of development, says King Abdullah

Custodian of the Two Holy Mosques King Abdullah bin Abulaziz Al-Saud has stressed the need to increase investment opportunities in the Kingdom. Inaugurating the Sixth Global Competitiveness Forum (GCF) in Riyadh on Saturday night, King Abdullah described investments as Saudi Arabia's engine of development.  

The King's inaugural address was delivered by Dr. Tawfiq Al-Rabiah, Saudi Minister of Commerce and Industry, at the Four Seasons Hotel at the Kingdom Tower.  GCF is organized by the Saudi Arabian General Investment Authority (SAGIA), and will include three days of keynote speeches and intense discussions by government and business leaders on a wide range of topics related to entrepreneurship and competitiveness.

King Abdullah said Saudi Arabia gives utmost importance to improving the lives of citizens through sustainable development and by strengthening the private and public sectors.  "This creates new job opportunities as well as increases the number of businesses and the country's GDP," he said.  "The Forum will help create new institutions and strengthen existing private and public sector organizations through creative ideas and new opportunities that emerge from the event".

Addressing the inaugural function earlier, Fahad Hamaidaddin, Chief of Marketing and Competitiveness Initiatives at SAGIA, said the success of the Forum reflected the improving image of the investment environment in the Kingdom and the country's international reputation.  He said GCF has grown to become the "Davos of the Middle East".

He noted that SAGIA had leveraged GCF to launch important initiatives such as the Saudi Fast Growth 100, Responsible Competitiveness Index, the Saudi-Oxford program for developing executive leadership and programs to promote a culture of creativity and innovation.

The inaugural function was also addressed by Abdullah Al Uzaib, CEO of GCF, who explained the choice of entrepreneurship as the main theme of the event this year. "We have chosen this theme because entrepreneurship plays a key role in improving the competitiveness of the national economy and in enhancing the performance of the government and private sectors," he said.  

Nearly 2,000 delegates are attending GCF 2012, including hundreds of business leaders from around the world who will share their insights and opinions on entrepreneurship.  

Please visit http://www.gcf.org.sa

SOURCE Global Competitiveness Forum (GCF)