Former President Clinton addresses delegates at the 2002 Jeddah Economic Forum

Former President Clinton was speaking on the second day of the 2002 Jeddah Economic Forum. In a wide-ranging speech to the 600 delegates, he talked about the need to re-evaluate attitudes in the light of the September 11 attacks on the US. He also stated that there must be a Palestinian State for the Middle East region to grow and develop in peace and security. "There will be two capitals of Jerusalem and Al-Quds in one city," he said. "There will be a Palestinian State."

Talking extensively about the historic and far-reaching Saudi/US relations, he stated that the defense of the Kingdom was of vital importance to international relations and the US, adding, "Globalization has also brought us closer together, but it has also made us more vulnerable."

He said, therefore, that Western and Asian leaders must address education and poverty throughout the world to ensure a firm and fruitful relationship, "without the possibility for hatred, for a world where its citizens can disagree, but in the spirit of fraternity, so they can disagree without violence." To tackle poverty, he maintained that micro-credit was a key strategy for developing countries and for the developed world to both participate in.

The second keynote speech of the day was delivered by one of the most powerful businessmen in the world, HRH Prince Alwaleed bin Talal, who provided some staggering demographic statistics of Saudi Arabia to support his speech. HRH Prince Alwaleed said that Saudi Arabia must address key issues facing its society, including the large unemployment problem, and the drastic need to diversify the Kingdom's economy away from oil. He echoed former President Clinton's statement "Opening up the economy is an act of global leadership." In a broad-ranging and exploratory question and answer session after his speech, Prince Alwaleed directly tackled some of the key issues facing Saudi society and how the economy should be managed to ensure the Kingdom's economic future.

On the third and final day of the 2002 Jeddah Economic Forum, Neil Bush - the brother of the current US President George W Bush and chairman and CEO of IGNITE! USA - will speak on the global energy markets and on the role of leadership in times of crisis.

Organised by the Jeddah Marketing Board (JMB), the forum - entitled "Managing in a Complex Global Environment" - promises incisive presentations followed by open broad-ranging discussions. Several top executives are scheduled to appear at the event, including Dr. Ray Irani, the chairman and CEO of Occidental Petroleum, David Rubenstein, one of the founding partners of the Carlyle Group, and Howard Paster, the chairman and CEO of the Hill & Knowlton Group.

Yesterday, the forum was addressed by the HH Crown Prince of Bahrain Sheikh Salman bin Hamed Al-Khalifa, and HRH Prince Sultan bin Salman, the secretary general of the Saudi Arabian Higher Commission for Tourism.

The forum is being sponsored by some of Saudi Arabia's best known companies, including HRH Prince Alwaleed bin Talal's The Kingdom Holding Company (the JEF umbrella sponsors), the Abdullatif Jameel Group, the Jeraisy Group, the National Commercial Bank, the Saudi American Bank, the Middle East Broadcasting Centre, the Saudi Research and Publication Company, the Al-Rajhi Commercial Exchange, Dallah Al-Barak, and the Saudi Cable Company.

"This year's forum is really highlighting the role of Jeddah in the region's economic life," said Amr Dabbagh, the JMB chairman. "And providing a clear pathway through some of the most challenging issues facing global businessmen and companies today."