The 12th Jeddah Economic Forum (JEF 2012) under the theme “Beyond Borders, Building Tomorrow's Economies Today” started here Saturday at the Jeddah Hilton under the patronage of King Abdullah, Custodian of the Two Holy Mosques. Minister of Commerce and Industry Dr. Tawfiq Al-Rabeah inaugurated the forum on behalf of Prince Khaled Al-Faisal, Emir of Makkah region. Over 3,000 local and international economists and other experts are attending the forum. Some of the top names include Prince Turki Al-Faisal, , Shaukat Aziz, former Prime Minister of Pakistan, Ali Babacan, Deputy Prime Minister of Turkey, and John Gerard Bruton, former Prime Minister of Ireland. Al-Rabeah said the Saudi economy has grown and proved to be steady even during the global financial crisis, which has shook top economies around the world. “The Saudi economic and investment environment is very rich and has many advantages. The recent financial report by the World Bank ranked the Kingdom in the 12th place among 188 different countries. “The economic reforms of the Saudi government have had their positive impact on the investment environment and the national economical growth; the GDP increased by 28 percent in 2011 compared to 2010, thanks to the petroleum sector which soared by 40 percent. “The foreign trade income reached about SR1,300 billion in 2011, an increase by 37 percent when compared with the previous year, and it is expected to go up by 14 percent in the next year,” Al-Rabeah said. The three-day forum will be centered around three main regional and international axes. The first day will focus on how international economies can go beyond BRIC countries and it will highlight the experience of some developing countries in achieving wider economic growth. Dr. Lama Al-Suleiman, Vice Chairperson of JCCI, told the Saudi Gazette on the sidelines of the forum that the forum this year was distinguished because it opened under the patronage of the King. “JEF 2012 has noticeable participation of young economists and entrepreneurs who have come here to discuss the latest economic changes and to exchange experiences with other local and international (experts),” she said. __
