The high-level meeting, an ambitious private sector initiative, addressed joint Arab action agendas, with 21 proposals of developmental projects discussed. Saudi Finance Minister Ibrahim Al-Assaf and Commerce Minister Tawfig Al Rabiah headlined this important event in Riyadh, which was widely discussed on Social Media sites and in the general media.
[Riyadh] – Under the patronage of Saudi Foreign Minister HRH Prince Saud Al-Faisal and headlined by Minister of Finance Ibrahim Al-Assaf and Commerce Minister Tawfiq Al-Rabiah, the Arab Private Sector Forum here at the Ritz Carlton in Riyadh drew extensive participation from Arab private-sector companies and Arab chambers of commerce and their unions, according to Eng. Abdullah Al-Mobty, Chairman of the Council of Saudi Chambers of Commerce and Industry, one of the leading organizers of the event.
The forum is hosted and organized by the Saudi Foreign Ministry, the Council of Saudi Chambers of Commerce and Industry, the General Union of Chambers of Commerce, Industry and Agriculture, and the General Secretariat of the Arab League. It precedes the 3rd Arab Summit for Economic and Social Development to be held in Riyadh on 21-22 January, 2013.
Speaking at the event, Al-Assaf emphasized the role of the private sector as the main engine of growth and economic activities as well as of creating employment opportunities, the Saudi Gazette reported. “As far as several global economic blocs are concerned, their private sectors have made giant strides and qualitative leaps leading to the enhancement in volume of bilateral trade and joint investments. But the Arab region with an exception of GCC states, is not in a position to see such initiatives to increase the volume of trade and flow of capital,” Assaf said, stressing the need for reviewing the policies that impede business growth.
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Saudi Minister of Commerce HE Tawfiq al-Rabiah delivers remarks at the Arab Private Sector Forum in Riyadh.
A major outcome of the preparatory meetings of the Arab private and public sectors (APSF-2013) is the launch of the Arab Common Exchange (ACE), according to Arab News. The ACE will be the first Arab joint capital market representing Arab joint stock companies with Bahrain as its headquarters. It will be manned by the private sector in Arab countries.
More than 700 participants from over twenty Arab states including ministers, government officials, CEOs, businessmen and investors were on hand for the event at the impressive Ritz Carlton Riyadh.
Exhibitors at the Arab Private Sector Forum in Riyadh, which saw over 700 attendees.
The primary theme of the conference was finding solutions to obstacles facing bilateral Arab trade and economic integration projects. Agenda topics included free transport between Arab countries, visas, mobility and entrance of goods.
Describing the 21 proposals of developmental projects presented in the forum, Abdullah Al-Mobty, Chairman of the Council of Saudi Chambers of Commerce and Industry, said, “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.”
Many media outlets were on hand to witness the forum, organized by the Council of Saudi Chambers and others.
The Forum was widely discussed on Social Media sites like Twitter, Facebook and even Instagram, with Arabic accounts using the hashtag “#منتدى_القطاع_الخاص_العربي” (translated as Arab Private Sector Forum). Casting a wide net not only to normal media outlets but also to Social Media sites was an important goal of the Forum, Secretary General of the Council of Saudi Chambers Eng. Omar Bahlaiwa told SUSTG.
The Forum also emphasized the need to strengthen and protect Arab investments and contracts between investors and Arab governments and the obstacles that face bilateral Arab trade and the requirements to activate the Council of Arab Economic Unity.
“The forum has seen a large participation on its opening ceremony which exceeded 1050 attendees, ranging from all different fields of business, such as government officials, ministers, diplomats, bankers, investors, representatives of Arab chambers, funds, banks, and business entrepreneurs,” Bahlaiwa told SUSTG.
“Up to 21 initiatives have been launched during the forum, aiming to support an Arab economic integration that is based on scientific, implementable ground rules, and that includes: agriculture, livestock, food security, information technology, youth employment, financing small and medium-sized enterprises, and developing Arab trade. After undergoing extensive studies by specialized teams, proposed projects will be presented during the 3rd Arab Economic Summit in order to make the convenient decisions, and thus, benefiting the Arab economy and enhance the multilateral relations between Arab countries,” Bahlaiwa said.
Eng. Omar Bahlaiwa, Secretary General of the Council of Saudi Chambers of Commerce and Industry at the APSF in Riyadh.
The high-level forum “for sure will enormously contribute to strengthening joint Arab economic ventures as well as job creation at a time of fast population growth that needs over 70 million jobs within the next 10 years,” Al Mobty was quoted in the Saudi Gazette as saying before the conference.
The Ritz-Carlton in Riyadh, seen from the entrance to the hotel. Government officials, business leaders, media and more attended the Arab Private Sector Forum on Saturday.
The event was held at the large, ornate Ritz Carlton in Riyadh, the city’s premier conference venue located not far from the US Embassy. [Click here for more information and photos from the Ritz Carlton in Riyadh]
