Jeddah Economic Forum: Impactful Global Forces

Since 1999, the Jeddah Economic Forum (JEF) has been a leader discussing not only the Kingdom’s socio-economic issues but abroad as well. Held under the patronage of His Royal Highness Prince Khalid Al Faisal Bin Abdulaziz, Prince of Makkah, the central theme for the JEF is, A 21st Century Transformation: The Impact of Global Forces. A star-studded event with all the world’s most influential intellectuals, royal family members, and business leaders the JEF prides itself on raising the bar for international conferences.

Kick starting the event on the 19th of March with Impact 2020 as the theme for the day, the first session focused on The Phases of Global Transformation. In the decade to come, nations and businesses will be facing a myriad of global forces that promise to transform business as we know it. Rapid surges with rising markets, emerging competitors coupled with new innovative technologies will likely induce transformational shifts that will make the world of tomorrow a very different place to conduct business. The panel discussed how global forces are likely to shape the world in the next 5 to 10 years and explored how they would affect the region’s economy.

On the same day, the forum also looked at the world’s best economic transitions. Titled The Great Transformation the session looked at the sudden and rapid rise of emerging markets; how they were able to transition from peripheral suppliers of low-cost goods and services to economic powerhouses; providing capital, talent and innovation.

The future of public-private partnerships addressed during the third session for the day titled, The State As Equity. The discussion was on the overall importance for governments around the world to address the challenges relating to economic growth, social out-comes and the need to transform government productivity. As such, the boundaries between the state and business are becoming increasingly blurred; as a result governments need to ensure that they act as effective owners of commercial enterprises.

The Global Leaders’ Dialogue is the fourth and final session of the first day. The session emphasized governments, domestically and internationally, becoming more sophisticated regulators of markets and being more innovative in partnering with private – and nonprofit – organizations to deliver productivity improvements or social outcomes. The panel looked into how governments can work with the private sector to create positive change.

Day two of the JEF focused on shaping the Kingdom’s future and harnessing the potential of the Saudi economy. The first session for the day, Prosperous Citizenship, debated on how to build a stable and prosperous middle class. An imperative topic of discussion as the future health of any economy is driven by the size and growth of its middle class. The panel deliberated over the challenges and opportunities of the Kingdom’s middle class.

The middle class typically represents the largest segment in society of both workers and consumers. Historically, it was a key factor in the dominance of developed countries, and more recently, the emergence of China, Brazil and India as formidable contenders on the world stage. Despite a large and fast growing population, Saudi Arabia cannot achieve its economic aspirations without nurturing its own middle class.

The focal point for the second session on the second day of the forum was on The Productivity Imperative during which will stress on leveraging technology to meet the Kingdom’s productivity needs and explore the opportunities lying ahead of the Kingdom to increase the productivity of its workforce. Productivity has always constituted a key long-term driver of any country’s well-being, serving as a fundamental basis for growth and wealth creation. While developed nations are struggling due to low birth rates and an aging workforce, emerging economies are experiencing substantial growth, propelled by larger and younger working populations. As such, the Saudi workforce has a critical role in driving the Kingdom’s economy, especially when faced with emerging giants.

Beyond Calamities was the third session of day and speakers shared insights on developing a world-class infrastructure to deal with natural disasters. As great environmental re-balancing occurs, nations and cities with robust infrastructure capable of mitigating the effects of floods and other extreme weather patterns will advance beyond their peers while drawing capital and talent. As such it is crucial that the Kingdom develop the necessary infrastructure that will prepare it for extreme weather variations. As recent history has shown us the impact of natural calamities, this is a vital topic of discussion as infrastructure has become an imminent factor that needs attention. The panel explored the opportunities lying ahead of the Kingdom to increase its environmental preparedness.

22nd of March, will be the third and last day of JEF 2011. The holistic theme for the day will be Shaping the Kingdom’s Future Today, where the first session will create dialogue for Pioneering Islamic Finance 2.0, with the Kingdom at the forefront of the global Islamic finance landscape. The global Islamic finance sector is now valued at over $1 trillion but still accounts for only 1% of the global financial landscape. In the coming decade, the sector is set to mature, drawing its influence into areas like private equity and corporate finance as well as the state-level.

Stakeholder Society Synergy will be the 2nd session of discussions stimulating collaboration between different segments of the society. An important provision of a productive society is to ensure strong economic and political ties between its different segments. Be it with the public, private, NGOs, youths, women and the media, the importance of synergizing efforts – particularly through the use of media, technology and communications – is necessary to ensure a healthy and sustainable society.

The last session of the forum, The Cusp of Creativity, weigh regional approaches to addressing regional challenges.

H.E. Saleh Kamel stated, “This year the Forum will allocate part of its income to help support the victims from the recent and tragic Jeddah floods.” He then added, “The participants in the eleventh edition of the 2011 Jeddah Economic Forum include a select group of local and international economists, social, and cultural thinkers along with elite politicians and world leaders, ministers and academics, who will enrich the activities of the forum with their experiences.”

H.E. Saleh Kamel concluded by saying, “Jeddah has been for so many years now, successful in bringing together a large number of international dignitaries, political, economic and thought leaders to discuss many global economic issues under the umbrella of key themes that address contemporary issues.”

For more information visit: http://www.jef.org.sa/