(MENAFN - Arab News) The 6th edition of the Riyadh Economic Forum (REF) continued discussions to study and analyze issues that broadly affect national economy and pinpoint growth challenges.
The forum discussed a study during the second session on the issues of the construction sector and methods on how to address them.
Prince Mansour bin Miteb, minister of municipal and rural affairs, wrapped up the session which discussed the problems of construction sector and their possible implications to boost the economy of the Kingdom.
Addressing the gathering, Prince Miteb praised the advanced discussion and ideas which came out of the comprehensive debate, promising to forward the recommendations to Custodian of the Two Holy Mosques King Abdullah to boost national economy.
The second session also focused on the localization of jobs in the Kingdom's private sector. It also includes obstacles to resettlement and revenue generation.
The study aims to come up with new developments and policies governing the labor market, and coordination between the public and private sectors regarding the development of laws and regulations.
The forum also discussed lack of coordination between the public sectors and asked public and private sector for high rates of Saudization.
Commenting on the form's discussion, economists called for a specialized bank in construction sector to solve the problems of contractors and support credit facilities.
Saudi Research and Marketing Group (SRMG), which is the diamond partner of the forum, asserted that the discussions during various sessions will pave way to spur economic growth for the Kingdom.
Saudi Basic Industries Corporation (SABIC), the golden partner of the forum, maintained that the three-day session, which will discuss ways and means to bolster the national economy, will help in resolving economic issues.
STC, a major partner of the forum and leading telecom operator in the Kingdom, said the forum enjoys international attention and sector specific discussions during the three day event will prove helpful for the welfare of the Saudi citizens.
Speaking to Arab News, an RCCI official said the large number of participation by local companies will help to meet the challenges of the local markt and pave way for job opportunities for the citizens.
Apart from government ministries and companies, international delegates participated in the forum, which was also attended by prominent personalities, economists and business leaders from the Kingdom as more than 1,000 people attended the sessions.
Some economists and consultants pointed out that due to the lack of research in the field of construction sector, "We are still in the process to solve the problem of contractors.We should have systems to be reconstructed and updated to build over infrastructure to boost the national economy," they said adding "we hope the recommendation at the forum will be considered for the SMEs."
A few of them also suggested that "there is a need to open quality institutes in construction management for the better training of Saudi citizens."
A report entitled "Saudi Arabia 2013" prepared by Oxford Business Group in co-operation with Saudi authorities, released on the sidelines of the forum said that the Kingdom's forecast GDP growth rate of 6.8 percent during last fiscal was more than double the regional and global figures.
This growth will help in economic diversification and boost investment in social and health care sector. Many of the delegates agreed the forum, which aims to study and analyzes issues will benefit from similar world experiences and come up with suggestion that facilitate economic decision-making to further boost the Kingdom's economy.
Prince Miteb presented the mementos to the panelist includes Adel S. Al-Dosary, forum's presenter and dean of college of environment design; Yousuf bin Abdul Sattar Al-Maimani, chairman of Al-Maimani holding company; Adel S. Al-Dosary, forum's presenter and dean of college of environment design and Nabeel bin Mohammad Abbas, representative of international engineering in Kingdom and Gulf.
The forum, organized by Riyadh Chamber of Commerce and Industry (RCCI), was attended by a large number of Saudi and foreign companies, which have put their stalls for exhibitions at the venue.
The REF is a positive contribution to the Kingdom's economic growth.
The forum is a key event in the region's economic agenda, as reflected in the constant support extended to it by King Abdullah.