Substitute Al-Othman leads Al-Qadsiah to a crucial victory against Al-Khaleej    Ronaldo's double powers Al-Nassr to a 2-0 victory over Damac    Minister Al-Samaani inaugurates technical office to enhance judicial quality in Qassim    Riyadh Metro ticket prices starts at SR4    Saudi Arabia's R&D expenditure hits SR22.61 billion in 2023    Saudi Arabia, Comoros strengthen economic ties with new MoU    Saudi Arabia retains its seat on OPCW Executive Council    Saudi Transport Authority cracks down on foreign trucks violating rules    Saudi Arabia receives extradited citizen wanted for corruption crimes from Russia    Ukraine fights to keep the lights on as Russia hammers power plants    Indian airlines hit by nearly 1,000 hoax bomb threats    Sweden asks China to cooperate over severed cables    Childcare worker who abused more than 60 girls jailed for life    K-Pop group NewJeans split from agency in mistreatment row    Defending the Truth: Saudi Arabia and the 2034 World Cup    Culture minister visits Diriyah Art Futures    GCC Preparatory Ministerial Meeting discusses developments in Gaza and Lebanon    Al Taawoun seals AFC Champions League Two knockout spot with 2-1 win over Al Khaldiya    Best-selling novelist Barbara Taylor Bradford dies    Adele doesn't know when she'll perform again after tearful Vegas goodbye    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Nonoil sectors critical for economic growth: Shaping Davos forum
Published in The Saudi Gazette on 20 - 01 - 2016

JEDDAH – Reimagining Saudi cities of the future was the theme of this year's "Shaping Davos" forum ahead of the World Economic Forum's Annual Meeting 2016.
As part of a series of 40 connected cities around the world, professionals and youth were invited to examine as well as discuss local problems followed by a brainstorming interactive session proposing global solutions at the forum hosted by the Global Shapers Jeddah Hub at the Islamic Development Bank (IDB) on Monday.
In a panel discussion moderated by chief strategy officer at Al Muhaidib Contracting Hisham Malaika, advisors and strategy experts from both the private and public sectors shared their insights on the most pressing issues the city of Jeddah faces, from sustainable infrastructure, economic resilience to social development.
If a reactive policy change is applied, Saudi Arabia has the potential to double GDP from $800 billion to $1600 billion by 2030 despite challenging conditions, according to Rafee Yusoff, an advisor-director to the President of the IDB and also former director of strategic planning.
Policies that promote economic diversification beyond the oil sector is needed, with the tourism sector ranking the most profitable followed by retail, mining and others.
During the breakout sessions to discuss strengths, weaknesses, opportunities, and threats for Saudi cities, ideas were voiced by groups of Saudi youth with backgrounds in business, healthcare, architecture, engineering, and law, among others. As Saudi cities are facing massive population growth, Global Shapers Hub curator Mounir Kabbara said many individuals were unanimous on the need for enhancing public transportation to cope with the rising infrastructure demands in Saudi Arabia. Although the city of Jeddah has plenty of construction in bridges and tunnels, he remarked, participants believed it was not as effective as building a public transport system.
Global Shaper and Equity Research analyst at NCB Capital Mohamed Tomalieh emphasized that the majority agreed on investment in resources to diversify the nonoil sector, where there is a mismatch between skills and market needs.
Many also believed, he added, that talent should not be distributed to economic cities as much, but rather to urban areas.
Individuals also opted for more openness to competition and greater openness to foreign investment and trade.
"All agreed that economic growth should be driven in nonoil sectors, specifically with support of SMEs," he added.
On social development, finance student Lujain Al-Obaid said many believed volunteering opportunities and internships for high school and university students should be offered to support Saudization, the replacement of foreign workers with Saudi nationals in the workforce.
Factors that enhance the wellbeing of the citizen include the provision of multipurpose public spaces to foster creativity, empowering entrepreneurs, and creating more community centers for women and children.
"We need to question if the private sector is able to handle this pressure alone," she said.
As an initiative of the World Economic Forum, the Global Shapers Community is a network of youth leaders contributing to society in various sectors, namely in business, education, technology, research, and more.


Clic here to read the story from its source.