Around 2,000 delegates and hundreds of business leaders from around the world will share their opinions on entrepreneurship at the ongoing sixth Global Competitiveness Forum (GCF) in Riyadh.

GCF is organised by the Saudi Arabian General Investment Authority (Sagia), and will include three days of keynote speeches and intense discussions by government and business leaders on a wide range of topics related to entrepreneurship and competitiveness.

Inaugurating the forum in Riyadh, Custodian of the Two Holy Mosques King Abdullah bin Abulaziz Al-Saud described investments as Saudi Arabia's engine of development.

The King's inaugural address was delivered by Dr Tawfiq Al-Rabiah, Saudi Minister of Commerce and Industry, at the Four Seasons Hotel at the Kingdom Tower.

King Abdullah said Saudi Arabia gives utmost importance to improving the lives of citizens through sustainable development and by strengthening the private and public sectors.

'This creates new job opportunities as well as increases the number of businesses and the country's GDP,' he said. 'The Forum will help create new institutions and strengthen existing private and public sector organizations through creative ideas and new opportunities that emerge from the event'.

Fahad Hamaidaddin, chief of Marketing and Competitiveness Initiatives at Sagia, said the success of the Forum reflected the improving image of the investment environment in the Kingdom and the country's international reputation. He said GCF has grown to become the 'Davos of the Middle East'.

He noted that Sagia had leveraged GCF to launch important initiatives such as the Saudi Fast Growth 100, Responsible Competitiveness Index, the Saudi-Oxford program for developing executive leadership and programs to promote a culture of creativity and innovation.

Abdullah Al Uzaib, CEO of GCF, said: 'We have chosen this theme because entrepreneurship plays a key role in improving the competitiveness of the national economy and in enhancing the performance of the government and private sectors,' he said. – TradeArabia News Service