Knowledge forum to boost investment climate begins in Saudi Arabia

Riyadh: Madinah Governor Prince Abdul Aziz Bin Majid underscored that advancement in knowledge is key to Kingdom's overall progress and development.

Inaugurating the International Knowledge Forum, entitled "Noor" (Light), on behalf of King Abdullah Bin Abdul Aziz, at the Le Meridien Hotel in Madinah on Sunday evening, he stressed the need for taking advantage of the opportunity to reach new height of knowledge through actively taking part in the ongoing knowledge race in the global village.

As many as 500 elite scientists, intellectuals, economic experts as well as investors from various parts of the world are taking part in the three-day event with the theme of "knowledge-based investment".

This is the first Islamic scientific and knowledge forum to be organised in the kingdom. Several topics, with a focus on information communications technology and healthcare, are being discussed at the event, organised by the Saudi Arabian General Investment Authority (SAGIA).

Prince Abdul Aziz emphasised Saudi Arabia's efforts to further enhance its investment climate and create more educational and training opportunities to its citizens.

"This forum would contribute substantially in the kingdom's march forward in this regard as well as in diversifying sources of national income. This would also enable the kingdom to counter some of the challenges and problems facing it," he said.

Addressing the opening session, Amr Al Dabbagh, governor of SAGIA, stressed his organisation's strategy to attract international investment to knowledge-based industries at Madinah's Knowledge Economic City (KEC).

KEC also aims at attracting leading scientific institutions and Muslim scientists and intellectuals from different parts of the world to Madinah, he said adding "KEC is set to become a major driving force of the national economy. It will also create more job opportunities for Saudis."

Agenda

Crucial topics being discussed at the forum include high-tech innovation and creativity in the Muslim world, strategies to decrease genetic disorders, knowledge infrastructure development through engineering and information and communications technology (ICT), and bioinformatics-based investment in the kingdom. Al Dabbagh also announced that SAGIA plans to hold the knowledge forum each year.

The primary objective of the annual forum is to promote human civilisation from the land of Madinah by attracting investors, scientists, scholars and pioneer institutions to the Knowledge Economic City, which is set to become an international centre for knowledge, according to SAGIA officials.

The forum will help attract investors, scientists and pioneering firms to KEC as an overseas investment destination. SAGIA had already licensed 15 knowledge-based industries worth SR51 billion at KEC, launched two years ago by King Abdullah.

The KEC is set to generate 20,000 jobs, according to a recent statement issued by the city. The KEC, sprawling over an area of 4.8 million square metres, will also open up residences for 150,000 people and accommodation for 30,000 visitors.