Prince Naif Bin Abdul Aziz, Second Deputy Premier and Minister of Interior, honors Ali Al-Naimi, Minister of Oil and Mineral Resources, (left), at the inauguration of the 5th Global Competitiveness Forum, in Riyadh, Saturday night, as Amr Al-Dabbagh (right), Governor of SAGIA, looks on. (SPA) RIYADH: Prince Naif Bin Abdul Aziz, Second Deputy Premier and Minister of Interior, inaugurated the 5th Global Competitiveness Forum 2011 in Riyadh, Saturday night on behalf of King Abdullah, Custodian of the Two Holy Mosques. Speaking on the occasion, he said increasing foreign investment in Saudi Arabia has followed moves to reform the economy and ensure security. Prince Naif also informed the audience about the safe return of King Abdullah to Casablanca, Morocco, Saturday to convalesce after undergoing back surgery in New York City and thanked Morocco's King Mohammed VI, who met King Abdullah at the airport in Casablanca. The ranking of the Saudi Arabia in all international reports on investment and economy, including those from the World Bank, has improved, Prince Naif said. He said the World Bank's Ease of Doing Business report has placed Saudi Arabia as the top Middle Eastern country for speed and flexibility in handling the investment environment and in 11th place among 183 countries. “The Kingdom is one of the best five countries in the world for undertaking economic reforms in the past five years and this is just the beginning,” he said. “The government will continue to support national and strategic foreign business partners investing in the Kingdom.” Held for the fifth year in a row in Riyadh, from Jan. 22 to Jan. 25, and organized by the Saudi Arabian General Investment Authority (SAGIA), the Global Competitiveness Forum, which is focusing this year on creativity and innovation as a solution for continued business competitiveness, has been viewed as the largest gathering of business and global thought leaders in the Middle East. Abdulmohsin Al-Badr, executive president of the forum, said there is an urgent need for innovative business solutions and legislation to guarantee continued business development and investment. More than 120 confirmed speakers from 28 countries are scheduled to share their experiences and expertise relating to a wide range of topics including, business, government and politics, research and education, sports and entertainment and the environment. Global business and political leaders are set to hold 25 panel discussions addressing various aspects of competitiveness and changing economic conditions worldwide, he said. Al-Badr added in his speech that the SAGIA has committed to hold this annual forum in Riyadh to discuss local and international business topics. Amr Al-Dabbagh, the organization's governor, said investments driven by creativity and innovation lay solid ground for prosperous businesses and economies that are less affected by changing world economies. Reform measures to develop a better investment environment in Saudi Arabia, in addition to national security, have improved the worldwide image of investment in the country, as international economic reports have shown, he added. In 2009, Saudi Arabia, the Arab world's largest economy, was eighth among the world's top recipients of foreign direct investment, moving up six spots from its rank of 14th in 2008 and making it the top foreign direct investment destination in the Middle East, according to the United Nations Conference on Trade and Development. Its report states that $35.5 billion (SR133 billion) worth of foreign direct investment flowed into the Kingdom, bringing the country's total to $147 billion (SR551 billion). Those investments helped create 375,000 jobs, 100,000 of which have gone to Saudis, jobs paying over SR29 billion in annual salaries, Al-Dabbagh said. Gross sales of foreign investment projects in Saudi Arabia totaled SR395 billion and foreign companies in Saudi Arabia have spent an annual sum of SR225 billion in purchases from the local market, he added.
