Four Researches Topped the Scene at the Riyadh Economic Forum

Since its founding in 2001, the Riyadh Economic Forum has been working to fulfil its mission, which includes doing in-depth research, identifying the challenges facing the economy, and expanding the sector.

Remarkably, the Riyadh Economic Forum occurred from November 18 to 20, 2024, to debate four major economic studies that had been placed on the forum’s agenda and submitted for research and analysis.

The first of these researches, “Developing the Quality of Work Life to Increase Productivity in Saudi Organisations,” focused on the quality of work life.

Dr. Mishari bin Mohammed Al Shalhoub, a member of the team overseeing the study, presented the study during this session, which was the first one available for discussion. Eng. Ahmed bin Suleiman Al Rajhi, the Minister of Human Resources and Social Development, led the session.

The moderators were Mr. Ghanem bin Rashid Al Ghanem, a member of the Shura Council, and Eng. Ayman bin Ahmed Al Ghamdi, the CEO of Human Resources of Cruise Saudi Arabia.

Moreover, this research sought to clarify a variety of issues, including how Saudi companies may improve work-life balance to boost productivity and the Kingdom’s social and economic advancement. Both individuals and the economy benefit from a high quality of work life in the workplace, which is beneficial for both public and private sector organisations and varied work institutions.

Particularly, people who have a good work-life balance are more satisfied with their jobs, which in turn spurs creativity and productivity. In terms of businesses, it improves their financial status and helps them become more profitable and satisfy their customers.

Besides, this study was more than just a paper study. The research contrasted the Kingdom’s present work-life policies and practices with the best worldwide standards after conducting a thorough examination of them. Additionally, it sought to align these practices with Saudi Vision 2030, which aims to promote national production, foster a thriving society, and raise the standard of living at work.

Interestingly, the study suggests that enhancing work quality in the Kingdom will benefit various business sectors by making the labour market more competitive, boosting the Human Development Index, increasing economic diversification, and boosting the GDP. Additionally, recent labour laws and reforms have made the Saudi labour market a desirable and attractive place to work.

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The Riyadh Economic Forum’s second research, “Incentivising Investment and Its Governance,” examined how regional government policies differed in their attempts to encourage investment in certain areas.

As one of the objectives of the Kingdom’s Vision 2030, which seeks to emphasise the natural elements and comparative and competitive advantages of the Kingdom’s regions and capitalise on them as a driver of the national economy. Significantly, the development of the Kingdom’s various regions must be comprehensive and sustainable.

Eng. Ihab bin Mahmoud Hassouba, the Undersecretary of the Ministry of Municipalities and Housing for Privatisation and Financial Sustainability, presided over the meeting on behalf of Mr. Majid bin Abdullah Al-Hogail, the Minister of Municipalities and Housing.

Dr. Najla bint Abdul Rahman Al-Nabhan, a member of the team overseeing the study, gave the presentation. Dr. Faisal bin Mansour Al-Fadel, a professor of law and legislative expert, and Counsellor Ayman bin Ahmed Al-Hazmi, the chairman of the Federation of Chambers of Commerce’s National Committee for Local Content and Government Procurement, served as the moderators.

Notably, the study concluded that encouraging investment is crucial to closing the gap between the Kingdom’s rural and urban areas, raising living standards, improving the quality of life for underserved rural communities, and generating new employment possibilities.

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The Riyadh Economic Forum included a research study titled “Enhancing the Role of Artificial Intelligence in Developing the National Economy” that discussed artificial intelligence.

Dr. Abdulrahman Tariq Habib, Executive Vice President of Strategy at the Saudi Data and Artificial Intelligence Authority (SDAIA), presented and chaired the discussion on behalf of the Authority’s President, Dr. Abdullah bin Sharaf Al-Ghamdi, in front of a large audience of experts, specialists, and academics.

Dr. Khalid bin Mubarak Al-Qahtani, the research’s scientific team leader, presented the study, and the two moderators were Dr. Fadwa bint Saad Al-Bawardi, CEO of Fadwa Al-Bawardi Consulting Office, and Mr. Hammam bin Abdulaziz Hashem, CEO of the “Kafala” program.

According to the research, the Kingdom is making significant efforts to expand the usage of artificial intelligence technology in a variety of areas. This study indicated that signs reflect a progressive growth in the usage of artificial intelligence technology in many industries, improving the Kingdom’s potential to achieve long-term economic diversification.

Meanwhile, it emphasised the Kingdom’s obstacles in implementing artificial intelligence, such as a lack of specialised human skills in comparison to other countries, as well as regulatory and legal issues.

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The Minister of Industry and Mineral Resources, Professor Bandar bin Ibrahim Al-Khorayef, convened the last research at the Riyadh Economic Forum, which focused on “Maximising the economic return from natural resources to achieve sustainable development.”

A sizable number of professionals, specialists, and academics engaged in lengthy debates about the findings. Professor Dr. Saeed bin Abdullah Al-Sheikh, who led the scientific team, presented the study. Eng. Khaled bin Saad Al-Rashed, the CEO of Operations at the Saudi Investment Recycling Company (SIRC), and Eng. Abdulaziz bin Askar Al-Harbi, the former CEO of Maaden, served as moderators.

Further, the research indicated that although the Kingdom has made progress in optimising the economic return from its natural resources, work is still ongoing to finish its launch. It also acknowledged the Kingdom’s efforts to boost this return.

The Kingdom’s Vision 2030, according to the report, is a thorough economic and social development plan that serves as a practical road map for improving the management of natural resources and broadening revenue streams.

Noteworthy, four cities in the Kingdom—Hail, Unaizah, Najran, and Yanbu—hosted the Riyadh Economic Forum, respectively. The Forum’s Secretary-General, Dr. Youssef Al-Rashidi, clarified that the four studies were finished following several internal and external discussion sessions to improve the stages of their completion. Furthermore, this is considering the serious discussions they observed and the numerous government officials, specialised economists, and businessmen and women in attendance.

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