RIYADH — Foreign Minister Prince Saud Al-Faisal will open the Arab Private Sector Forum at the Ritz Carlton Hotel in Riyadh on Saturday. Prince Saud, Minister of Finance Ibrahim Al-Assaf and Arab League's Nabil Al-Arabi are expected to address the audience during the opening session. The Foreign Ministry in cooperation with the Council of Saudi Chambers, the General Union of Chambers of Commerce, Industry and Agriculture, and the General Secretariat of the Arab League organized the two-day forum. The objective of the forum is to unify the aspirations of the Arab private sector in a form of a memorandum for submission to the upcoming development summit of the Arab heads of state scheduled to take place in Riyadh on Jan. 21-22. Abdullah Al-Mobty, Chairman of the Council of Saudi Chambers, said the aspirations of the Arab private sector have been summarized in 21 proposals of developmental projects that will be presented in the forum for discussion by the participants. “They were selected on the basis of their feasibility, added value and the competitive advantages for countries in which the projects will be implemented in,” he said. Al-Mobty pointed out that these projects focusing on specific economic sectors such as food security, small and medium-sized enterprises, agricultural and livestock enterprises, housing, youth employment, in addition to technology-related initiatives, if endorsed, will be implemented across the Arab region. “This for sure will enormously contribute to strengthening joint Arab economic ventures as well as job creation at a time of fast population growth than need over 70 million jobs within the next 10 years,” he said. Over 500 participants, including ministers, top chief executive officers, businessmen, investors, experts and senior officials of both public and private sectors from over 20 Arab countries will be attending, according to acting secretary general of the Council of Saudi Chambers Omar Bahiliwa. “The Kingdom's hosting of this big event shows its role in fostering joint Arab work and its commitment to the success of Arab countries in their effort for better economic and social development after recent developments in the Arab world,” he said. In addition to the top Arab private sector businessmen, CEOs, and officials, representative of major Arab economical and social organization will also be present.
