Industrial Diversification to Transform Saudi Investment Landscape

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--A plan to help Saudi Arabia transcend the short-term volatile market dynamics of crude oil was recently presented at the Global Competitiveness Forum (GCF), in the Saudi capital Riyadh.

The plan, which was presented by Abdulatif Al-Othman, governor of the Saudi Arabian General Investment Authority (Sagia), aims to transform Saudi Arabia's investment landscape by further diversifying the economy, building its knowledge base, creating job opportunities, and maintaining the ease of doing business in the kingdom.

The plan outlines four specific approaches to achieve the objectives: to integrate the energy sector with the development of downstream chemicals and manufacturing; to transform the construction, retail, tourism and real estate sectors into high-productivity economic engines; to accelerate the development of healthcare, transport and mining; and to improve the competitiveness of Saudi Arabia by means of research and development, innovation in education, and information and communications technology (ICT).

Saudi Labor Minister Adil Faqueeh held "a conversion on employment" at the GCF, covering issues such as aligning education to support current and future industry, and the skills and competencies that workers need to succeed in today's changing job market.

There also was a panel discussion on the role of banking and innovative financing in competitive economies, which featured Professor Deborah Lucas of the Massachusetts Institute of Technology (MIT) (Cambridge, Massachusetts). This session examined how the flow of capital contributes to economic growth, and how government regulation of financial institutions translates into changes in the market.

For related information, see July 30, 2014, article -Opening Up Saudi Capital Market Could Attract $35 Billion in Foreign Direct Investments.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.