Madinah Gov. Prince Abdul Aziz bin Majed speaks at a seminar organized by the Madinah Municipality in association with the World Bank on Tuesday in the holy city of Madinah.
By YOUSUF MUHAMMAD | ARAB NEWS
Published: Mar 1, 2011 22:18 Updated: Mar 1, 2011 23:54
MADINAH: Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority, has emphasized the government’s plan to make Madinah an integrated knowledge economic city with advanced infrastructure facilities that would attract investments and encourage innovations and inventions.
Addressing a seminar organized by the Madinah Municipality in association with the World Bank on Tuesday, he said four important factors are required for a knowledge city’s success: Education, innovation, infrastructure for communication and communication technology, and a regulatory environment to attract investment funds.
Madinah Gov. Prince Abdul Aziz bin Majed opened the seminar and said Madinah has been a knowledge city since the migration of the Prophet Muhammad (peace be upon him) to the city. He said the Knowledge Economic City (KEC) was the brainchild of Custodian of the Two Holy Mosques King Abdullah.
He hoped that the KEC would help Saudi youth to master modern science and technology. “The KEC will work to achieve integration with the support of other knowledge centers in the country,” the governor said, adding that the KEC would contribute to making Saudi Arabia a knowledge-based economy.
In his keynote address, Al-Dabbagh said the KEC would have educational and training institutions that would produce the qualified Saudi manpower required for knowledge-based industries in the country.
The SAGIA chief said economic competition would require production, efficiency, and innovation and knowledge. “Economies that depend on innovation and inventions will be less affected by global depressions, will gain greater revenue and higher growth,” he said.
Sri Mulyani Indrawati, managing director of the World Bank, said the seminar was in line with the strategic development objectives. He hoped that it would contribute to meeting the youth’s requirements of job, social justice and good governance.
More than 400 delegates from within and outside the Kingdom are taking part in the seminar, which will be addressed by 25 speakers.