and Fatima Muhammad Saudi Gazette JEDDAH — Economist, researchers, businessmen, political scientists, accountants and lawyers from all over the world, who congregated at an academic conference here Tuesday, stressed that small and medium entrepreneurs should get enhanced assistance from the government. The state should also diversify its domestic economy and integrate its rapidly increasing population, they said. The conference was organized by the Faculty of Economics and Administration at King Abdulaziz University. Addressing the conference, first of its kind and titled “Saudi Economy: Challenges and Opportunities,” Dr. Abdulaziz Bin Sager, chairman and founder of Gulf Research Center, said as a reaction to the global economic crisis, government officials and academics have undertaken a detailed analysis of the various causes. “We have invited thought leaders from around the world to help mapping a better future and learning from the mistakes of the recent past,” he said. Muhammad Saleh Al-Ghofaili, Assistant Undersecretary for Economic Affairs at the Ministry of Finance, said Saudi Arabia's many signature projects were forging ahead despite financial instability around the world and political unrest in some parts of the region. “The Saudi economy is in a good shape. We registered a healthy growth rate of 6.8% — the highest since 2003 — with the non-oil sector rising by 8.3%,” he said. Saleh Al-Hussaini, member of Shoura Council, urged the government to focus on providing employment to the country's large workforce. “Officials should particularly focus on employing Saudi youth, who generally lacks education and technical skills the private sector needs.” Pierre-Charles Pradier from the University of Paris noted that Saudi Arabia could yet become an international hub through Islamic finance. “The financial sector is facing criticism for being responsible for the global crisis: protesters occupy Wall Street, tomorrow the motto will be “occupy everything!”… If the frustrations of the people are not turned into a positive drive, chaos will challenge peace and turn economic growth into social unrest. The challenge of Islamic finance is simply to answer the urgent call of the people for a better world,” he said. For centuries, Pradier pointed out, the Kingdom has been at the center of the world trade; linking the Mediterranean with the Asian seas and the conduit between China and the heart of Africa. He reasoned that with the help of a comprehensive strategy, Saudi Arabia could reclaim its former glory. “Saudi Arabia could become more than just a hub… it can regain its position at the heart of the world economy,” he said. Dr. Mizanur Rahman from the National University of Singapore dwelt at length on the way expatriates in Saudi Arabia benefit their home countries. “By providing gainful employment to around eight million foreign migrant workers and allowing them to remit approximately $29 billion every year, Saudi Arabia is indeed making a vital contribution to the world economy,” he said. An exhibition highlighting the Kingdom's economic progress since it was established by King Abdul Aziz is also on display. “It provides a clear picture on the development of the Saudi economy during the past 100 years,” Dr. Abdulaziz Bin Sager said. __
