(MENAFN - Arab News) The two-day conference on "Saudi National Economy: Challenges and opportunities" ended yesterday at King Abdulaziz University in Jeddah with recommendations related to utilization of economic resources, opportunities for investments, and the Saudi economy's relation to global economic environment.
It recommended confronting unemployment via effective and direct economic plans and policies similar to Hafiz and Nitaqat, and concentrating on increasing investments, especially in the sectors of tourism and services. It also recommended creation of a constantly updated database of Saudi workforce. Another recommendation was about expanding the use of Islamic finance tools in petroleum, petrochemical and energy-related projects; encouraging local and foreign entrepreneurs to invest in technology and concentrate on technology in the country's five-year plans; transferring technology and encouraging the private sector to adopt it to increase Saudi Arabia's competitiveness in the field.
The conference recommended reducing the volume of raw-material exports that represent 80 percent, expediting the execution of housing projects that would increase Saudi individuals income by 35 percent, which is the portion of individuals come that is paid as rent, establishing a commission to support small and medium enterprises; reviewing the performance of non-oil sectors in Saudi Arabia, recognizing its problems through scientific studies and assessing its ability to face future competitiveness-related challenges; preparing the local market for global competitiveness with focusing on attracting more investments in technology; and continuing the development of the banking sector.