Fall in construction costs driving progress in Saudi Economic Cities

Notes and media contacts

About SAGIA:

SAGIA, the Saudi Arabian General Investment Authority, was established in 2000 as part of the new foreign investment law in Saudi Arabia. Its purpose is to attract investment to Saudi Arabia and more recently its mandate has evolved to encompass the enhancement of the Kingdom's overall competitiveness. SAGIA plans to attract sufficient investment to achieve rapid and sustainable economic growth in Saudi Arabia, capitalizing on the Kingdom's competitive strengths as the global capital of energy and as a major hub between East and West.

It aims to position Saudi Arabia among the top ten most competitive nations by 2010 through the creation of a pro-business environment, a knowledge-based society, and by developing new, world-class 'Economic Cities'. In September 2008, the World Bank recognized the Kingdom of Saudi Arabia the 16th business friendly country in the world in its annual 'Ease of Doing Business' report. Recent reforms in Saudi Arabia improved the Kingdom's position from to 16th in 2008 from 67th in 2004.

To help boost competitiveness, SAGIA established the National Competitiveness Center (NCC) in 2006 to act as an independent body to monitor, assess and support the development of competitiveness in Saudi Arabia. The NCC serves as a think tank for change by conducting and developing competitive assessments and monitoring the implementation and results of change programs.

About IAC:

The InterAction Council was established in 1983 as an independent international organisation to mobilise the experience, energy and international contacts of a group of statesmen who have held the highest office in their own countries. Council members jointly develop recommendations on, and practical solutions for the political, economic and social problems confronting humanity.

The Council is unique in bringing together on a regular basis and in an informal setting more than thirty former heads of state or government - serving in their individual capacities, the Council aims at fostering international co-operation and action in three principal areas:

- Peace and security
- Revitalisation of the world economy
- The nexus of development, population and environment, universal ethics

The Council selects from these broad areas specific issues and develops proposals for action. The Council and its members then communicate these proposals directly to government leaders and other national decision-makers, heads of international organisations and influential individuals throughout the world.

Media contact:

Yasmin Adem
Account Executive
Hill & Knowlton
Tel: +966 1 288 6734/35
Fax: +966 1 288 6736
PO Box 251 Riyadh, Kingdom of Saudi Arabia