Private sector 'must do more to train Saudis'

(MENAFN- Arab News) Saudi Arabia ranks 59th out of 146 nations in the Best Country for Business 2014 report by Forbes. The Kingdom won high scores in the 'tax burden' criteria ranking third best in the world.

Hani Ibrahim Khoja cofounder and CEO of Elixir Management Consultancy said: 'The private sector must take more responsibility for developing the necessary skills in local youth. This is of course difficult considering that the experienced expatriate accepts a much lower salary but private companies must think beyond the bottom line and build the capabilities of their sons and daughters.'

The report further said the government has begun establishing six 'economic cities' in different regions of the country to promote foreign investment and plans to spend $373 billion on social development and infrastructure projects to boost the Kingdom's economic development.

Commenting on it Khoja said one of the barriers slowing progress of these economic cities is the propensity of Saudis to not move out of their hometowns and pursue opportunities in these economic cities whether as an employee or an entrepreneur. 'Saudis must become more like their Egyptian and Lebanese neighbors who will move wherever opportunities exist' said Khoja.

Forbes determined the Best Countries for Business by grading 146 nations on 11 different criteria of property rights innovation taxes technology corruption freedom (personal trade and monetary) red tape investor protection and stock market performance.

The Kingdom ranked 96 on the trade freedom index 119 in monetary freedom 40 in property rights 32 in innovation 44 in technology 90 in red tape 61 in investor protection 50 in corruption 25 in market performance and 3 in tax burden.

Denmark is named the best country for business topping the Forbes' list for three straight years between 2008 and 2010. Countries following Denmark on the list include Hong Kong New Zealand Ireland Sweden Canada Norway Singapore and Switzerland.