The 9th Global Competitiveness Forum (GCF) in Riyadh entered its third and final day with a focus on energy, women in the workforce, and increasing Saudi Arabia’s competitiveness in the global economy. Annually, it is one of the largest business forums in the Kingdom and is well-attended by government, business, and academic leaders from Saudi Arabia and abroad.
Minister of Health and Chairman of Saudi Aramco Khalid Al-Falih said that Aramco is working closely with government agencies, including the Saudi Arabian General Investment Authority (SAGIA) to attract foreign investments to the Kingdom. He outlined his vision for a Saudi economy that is “more competitive and attractive to foreign investors and powered by a highly-skilled workforce that has a greater participation by Saudi Nationals.”
According to a press release on Saudi Aramco’s website, Al-Falih addressed the impact of the current downturn on the company’s strategy, saying that the lower price environment is an opportunity for Saudi Aramco and the industry as a whole to sharpen its fiscal discipline and drive value. Saudi Aramco remains “in position, ready to adjust to market dynamics” with “the resources, capabilities and long-term vision to optimize the natural resources of the Kingdom.”
In the opening ceremony for the event on Sunday night, SAGIA Governor Abdulateef al-Othman noted that the event is being held roughly around the same time that HRH King Salman ascended to the throne one year ago, saying, “we have witnessed tremendous developments during this short period.”
Many of the attendees of the inaugural U.S.-Saudi CEO Summit on January 24th, which brought together high-level executives from both U.S. and Saudi companies at the Council of Saudi Chambers, also attended and spoke at the GCF, including Chamber of Commerce President and CEO Tom Donahue, and Marillyn Hewson, President, Chairman, and CEO of Lockheed Martin.
Saudi Arabia’s Minister of Housing, Minister of Commerce, and Minister of Education also spoke at the GCF. Other notable speakers included former president of Mexico Vincente Fox, U.S. Ambassador to Saudi Arabia Joseph Westphal, HRH Princess Reema bint Bandar Al Saud, Founder and CEO, Alf Khair, and many others.
In total, over 80 international speakers participated in speeches and discussions over the three day event.
Osama Kabbani, a top Saudi official and a member of the Committee on Economy and Energy at Saudi Arabia’s Shoura Council, called on Monday for the restructuring of the Saudi economy through diversification of sources of income, according to reports.
Speaking on the subject of women in the workforce, another Shoura member, Dr. Hanan Al-Ahmadi, said Saudi women’s participation has expanded in recent years, mainly in the areas of trade and investment. She said this was due to a number of factors, especially the ambition of women and governmental support.
