A new plan 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 Unified Investment Plan was presented by Abdullatif Al-Othman, governor of the Saudi Arabian General Investment Authority (Sagia) at the recently concluded Global Competitiveness Forum (GCF) in Riyadh.

The eighth edition of the forum examined how governments can create a viable economic environment in which business can thrive and prosper.

The plan outlines four sector specific approaches to achieving this: to integrate the energy sector with develop 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 the Kingdom by means of research, and development and innovation in education and ICT.

During the forum, Saudi Aramco offered its perspective on the Kingdom's economy, with president Khalid Al Falih in conversation with British journalist Nik Gowing.

They discussed current factors affecting the global oil market, and Saudi Aramco's strategy of diversification. The oil giant is making significant investments in alternative energy, as well as huge investments in talent and technology, a statement said.

Other highlights of the concluding day of the GCF included 'a conversion on employment' between Saudi Labour Minister Adil Faqeeh and Italian Minister of Economic Development, Federica Guidi, which covered 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.


Also on the day's agenda was a panel discussion on the role of banking and innovative financing in competitive economies featuring Professor Deborah Lucas of MIT. 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. – TradeArabia News Service