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In a few days the 14th BMG Economic Forum will open on July 15. I must admit, this is the most important forum we have organized to date. Not only because of the economic and social impact of the pandemic, but also because of the speakers’ high profiles and diversified backgrounds, locally and globally, from both the public and private sectors.
For almost a quarter of a century, BMG Financial Group and its CSR arm, BMG Foundation, have hosted an annual event, the BMG Summer Retreat, aimed at providing international investors with an understanding of the Saudi economy and investor-related legislation.
Vision 2030 remains a strong guide for building the Saudi economy and it takes more than a pandemic to take our focus away from attracting foreign investors. Foreign Direct Investment (FDI) is an important enabler of the vision and much has been done to make the country’s investment opportunities attractive. To enable an accelerated recovery, the country needs FDI more than ever.
BMG Financial Group has built and nurtured international relationships over the past 25 years — many have led to inward investments and deep business friendships. At the BMG forum there are strong indicators that the approach has great potential. The forum has to date more than 700 delegates registered globally with 37 speakers from 8 countries discussing key sectors and timely developments in the country and globally in 15 sessions and panels.
During these challenging times, investors with foresight are on the lookout for high-yield investments. Saudi Arabia offers many such investment opportunities. But we need to talk about them and help potential investors understand the country, where its economy is heading, the risk profile, and so forth. The government and the private sector both have much to gain from being very active in communicating the investment opportunities, and when they do so together, it is much stronger.
Furthermore, we need to talk about the less discussed opportunities, such as the insurance sector consolidation, waste treatment, health care, logistics, and so on. The 2020 Virtual BMG Economic Forum will cover these sectors and many more.
The Gulf Cooperation Council (GCC) region, and Saudi Arabia in particular, has a governance system that allows for rapid decision-making and course correction, which is particularly vital during a crisis like the current one. The presence of senior government officials at events like the BMG Economic Forum is hugely important as it demonstrates how attuned the government is to current developments and the needs of foreign investors, and that government and local business work in tandem.
To add a cultural flavor to the forum, the global audience will be conveyed to the Ehrbar Saal, the great music hall in Vienna, Austria. In line with BMG Foundation’s annual cultural contribution to society, the American maestro, William Walker, will conduct an orchestra of musicians from the G20 countries.
As Saudi Arabia is leading the G20 summit this year, the concert will be themed around the most popular Saudi national songs, which the Syrian-born Argentinian composer, Marcelo Diego has transcribed for an orchestra. Although the concert will be broadcasted virtually, the Saudi ambassador to Austria, Prince Abdullah bin Khaled bin Sultan, will be in attendance as the guest of honor, together with other G20 ambassadors.
Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.