JEDDAH: Few would dispute that Saudi Arabia’s economy has witnessed some tough times.
But as this week’s Top CEO Conference will hear, there are some golden opportunities amid the gloom that followed the oil-price crash.
Some of the burning issues facing corporations today will be discussed at the conference, which is being held for the first time in Saudi Arabia after previous editions in Dubai.
Held under the theme “Adapting to Disruption: New Roles, New Realities,” the event is organized by Dubai-based Trends magazine, an international publication on Arab affairs, in association with Insead business school.
Julien Hawari, co-CEO of Mediaquest Corp, the publisher of Trends, said that it is significant that this is the first time the event will be held in the Kingdom.
The country, grappling with significant economic challenges, last year laid out the ambitious Vision 2030 reform plan, which aims to wean it off its addiction to oil.
“With great challenges come great opportunities,” Hawari told Arab News.
“Hosting the Top CEO Conference and Awards in Saudi Arabia made sense, as Saudi (Arabia) is the giant economy of the region and it is fully taking on its role (as the) engine of growth for the region.
“Saudi Arabia is preparing itself (for) a transformation that will benefit society and create more jobs for our children. The issues are complex and the Top CEO Conference addresses many of those.”
The diversification of the economy is the underlying theme of Saudi Arabia’s reform plan — something that is common to strategies pursued by some other regional countries.
“Moving away from an oil economy has become a necessity for the entire GCC,” Hawari said.
“We believe that the Arab world has a lot to offer... (Members of) our new generation are bringing with them expertise and experience from the outside and a deep knowledge on how to take forward our societies.”
Key factors in this regional change include corporate governance and transparency, ensuring fair competition, and creating jobs — all issues that are set to be addressed at the Top CEO event.
The roller coaster ride in oil prices is not the only factor impacting the Arabian Gulf. New technology is also turning old business models upside down.
“One of the key issues Top CEO is focusing on this year is disruption,” said Hawari. “The full impact of the technology revolution is hitting the region. This makes the life of business leaders extremely challenging, as they need to have their eyes on 10 different things to take forward their organizations.
“A new norm is shaping and changing many status quos in regional business.”
The Top CEO event is set to be held on April 10-11 at King Abdullah Economic City (KAEC) near Jeddah.
In its third edition in 2017, the accompanying awards will honor the top 100 chief executive officers after evaluating their companies’ listings on the Gulf Cooperation Council’s (GCC) stock exchanges.
The Saudi economy: ‘With great challenges come great opportunities’
The Saudi economy: ‘With great challenges come great opportunities’
Council of Economic and Development Affairs reviews budget performance report during virtual meeting
Council of Economic and Development Affairs reviews budget performance report during virtual meeting
JEDDAH: The Council of Economic and Development Affairs held a virtual meeting, the Saudi Press Agency has reported.
At the outset of the meeting, the council reviewed the quarterly report submitted by the Ministry of Economy and Planning, which included updates on the global economy and the impact of geopolitical challenges and volatility in global markets on growth prospects.
The report also addressed the latest developments related to the national economy and future projections through 2027, highlighting its high resilience in confronting global challenges and noting that various economic statistics and indicators point to remarkable growth that further cements the Kingdom’s position among the fastest-growing and most stable economies in the world.
The council reviewed the fourth-quarter performance report of the state’s general budget for fiscal year 2025, submitted by the Ministry of Finance, which provided a comprehensive overview of financial performance during the period, including developments in revenues and expenditures, public debt levels, and an analysis of local and global economic variables and their implications for financial indicators.
The report results showed the continued adoption of a balanced and flexible fiscal policy that supports economic growth and enhances financial sustainability over the medium and long terms, through the use of disciplined and efficient fiscal tools and the continuation of countercyclical spending, directed toward development programs and projects with economic and social impact, contributing to improving the quality of public services, stimulating investment, and strengthening the resilience of public finances.
The council discussed a number of procedural matters, including a draft Government Tenders and Procurement Law, a draft Space Law, and a briefing on steps taken regarding the assignment of the Council of University Affairs to update the regulations necessary for the governance of public and private universities and health colleges, supervise and follow up on them periodically, and update compliance processes in public and private universities and health colleges based on quality standards approved by the Council of University Affairs.
The council was also briefed on the results of the quarterly Real Estate Price Index report, along with two summaries of the monthly Consumer Price Index and Wholesale Price Index reports, and the underlying reports on which the summaries were based.
The council adopted the necessary decisions and recommendations regarding these matters.
