Private investors got a pat on the back for the role they are playing in numerous developmental projects in Jeddah. Inaugurating the first round of the three-day Jeddah Commercial Forum at Lailati Hall here on Monday night, Prince Khaled Al-Faisal, Emir of Makkah Region, acknowledged the pioneering role played by investors and businessmen in transforming the Red Sea city into a world class city with all possible amenities for its residents. A number of businessmen, businesswomen, ministers, and members of the Jeddah Chambers for Commerce and Industry are participating in the forum that will conclude on Wednesday. “This forum is an ideal event to motivate both private and government sectors to join hands in the development of national economic projects and to face the varied challenges,” said Prince Khaled. “Jeddah's economy has developed manifold during the last couple of years and now the city has become an important financial and commercial center in the Middle East,” he said. The forum aims to serve the ambitious development projects launched by King Abdullah, Custodian of the Two Holy Mosques, in order to provide comfort to citizens, he added. The forum, the Emir continued, comes as a result of cooperation between the Ministry of Commerce and Industry and Jeddah Chamber for Commerce and Industry. “This is the first time that we have had a forum targeting the needs of citizens and consumers especially after the Kingdom joined the World Trade Organization (WTO). Besides, it acts as a motivating factor for cooperation between both private and government sectors,” Prince Khaled added. “We want the private sector to develop its role in society by focusing on projects that do not target profits,” he said. The volume of commercial exchange in the Kingdom is around a trillion riyals annually and this amount will increase because of the Haj and Umrah seasons and the establishment of the King Abdullah University for Science and Technology and the Economic Cities. The forum is being held under the theme of “Toward a successful international economic and commercial environment.” “The working sector has great experience in how to manage its investments inside the Kingdom and abroad. That is why the government depends on this forum to develop strategies to face the world financial crisis,” said Abdullah Ahmad Zainal, Minster of Commerce and Industry.
