JEF 2016: Saudi economic reforms drive ‘impressive’

Saudi Arabia’s economic reform program, with its emphasis on encouraging private sector investment, is on the right track to achieve diversified growth.
This was the view of most of the speakers and delegates at Jeddah Economic Forum 2016 on Wednesday.
“Saudi Arabia needs to develop three aspects of its economy: Diversification, productivity and SMEs. There’s a need for professional investment management systems; the old days are gone,” said Ibrahim Al-Ghelaiqah, senior economist, World Bank. 
“The institutional challenges of implementing public private partnerships (PPP) are the most dangerous. However the low oil price means that it is essential to gain private sector investment which will hopefully leave the economy in better shape in five to 10 years,” said the economist.
The Jeddah Economic Forum (JEF), inaugurated in 2000, has become a leading hub for economists and businessmen from around the globe. 
Known as the “Davos of the Middle East,” the forum is an international platform for discussions and exchange of ideas among leading decision makers which include heads of state, politicians, businessmen, and public figures.
Fred Hochberg, chairman and president, Export-Import Bank of the US, said the Kingdom is taking impressive steps to diversify its economy. 
Khaled H. Biyari, CEO of Saudi Telecom Company, talked about the changing role of telecom companies in rapidly diversifying Saudi economy.
“There is a large opportunity for everyone to get value out of the digital economy,” he told the forum.
“We are always building scalable platforms. Driving innovation is at the heart of STC’s strategy,” said the CEO.
’We are hopeful Saudi Arabia’s digital transformation will be a reality in no time,” he added.
Turkish Transport, Maritime and Communication Minister Binali Yildirim presented the success story in high-value airport projects in the past 30 years.