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(MENAFN - Khaleej Times) The 10th Jeddah Economic Forum (JEF), which was to be held in April next year, is to be held from February 13-16, as Makkah Governor Prince Khaled Al Faisal has insisted that it be held as usual in February, according to Muhammad Al Fadl, Chairman of the Jeddah Chamber of Commerce and Industry (JCCI).
Al Fadl announced on Wednesday that the four-day forum will discuss global economic developments in the coming ten years in the light of the international financial crisis that has taken most of the economies of the world by storm.
The 2009 JEF which was scheduled for February was initially postponed for several months, but in the end was never held. Various reasons were given for its cancellation, among them being the impact of the global financial crisis on some of the event's sponsors and exhibitors. With the exception of this year, the JEF has been held every year since 2000. According to Saleh Ali Al Turki, chairman, JCCI, the Jeddah business community has accepted the concept of the Jeddah Economic Forum, and the philosophy and aim of holding the annual event. Asked whether in view of the international economic crisis, the JEF was experiencing any difficulty or problem, Al Turki said that for the last few months the talk in Saudi Arabia is that the Kingdom has not been affected by the crisis yet. "Our economy is very strong, our banking sector is very strong and we believe that there might be a slowdown in the economy in 2009, but as long as oil is in the range of $50 we are in good shape," he said.
"We are not feeling any difficulty in our economy. Our stock market does not reflect the Saudi economy as such. Some of the companies that are exporting might face some problem in exports, but the economy is doing very well. As a matter of we are one of the few countries that have benefitted from the economic crisis. For example, the price of cement, and steel," he added.
Asked why the stock market does not reflect the Saudi economy, he said a lot of people want to find out an answer to that question. "If I can find out why, it would be a miracle."
"Everybody wants to know why the stock market does not reflect the basic, because if the economy is doing fine; the stock market has to do well. But this is not happening. The stock market is not doing well at all. It is affecting lots of people. Part of it is psychological. As for the economy of Saudi companies, the multiples are excellent," he added.
Since its inception, the JEF and has attracted prominent speakers from more than 160 countries. These include 18 heads of state including former United States presidents George Bush Sr. and Bill Clinton, former French President Val'ry Giscardd' Estaing, Malaysian Prime Minister Mahathir Mohammed, Pakistani Prime Minister Shaukat Aziz, British Prime Minister Gordon Brown, and Nobel laureate Professor Mohammed Younus.
During the past nine years, the JEF attracted 20,000 delegates, 450 speakers and 200 sponsoring companies. The delegates attending the forum are just as diversified and represent the leaders of public and private organisations operating in the local, regional, and global economies.
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