Riyadh- Saudi and US CEOs who attended the Saudi-US CEO Forum in Riyadh on Saturday agreed that privatization and reforms are the best means to diversify the economy and attract foreign investment.

They pointed out that the Saudi Vision 2030 is a framework that includes aspects of privatization and brings about revenue amidst an abundance of human qualifications.

One of the forum’s sessions tackled the importance of privatization and reforms in some Saudi companies, discussing the responsiveness of the Saudi economy to privatization and foreign investments.

Saudi Research and Marketing Group (SRMG) Chief Executive Dr. Ghassan al-Shibl talked about industrial capabilities, noting Saudi Arabia’s willingness to become a center for industrial development for the Middle East.

“Building industrial capabilities in Saudi Arabia is one of the factors of income source diversification, and this is the government’s focus,” Shibl added.

He described Saudi Vision 2030 as a roadmap, pointing out that there is a commitment from the US government to cooperate on that.

“We find that SMEs follow a significant path regarding reinforcing Saudi-US ties. What remains is the way efforts of both parties are brought together to develop this sector,” he said.

Shibl stressed the importance of the availability of resources amidst exerted efforts that permit the exchange of expertise and industrial partnerships.

Chairman of Tadawul Sarah al-Suhaimi stressed that reforms precede privatization and that Saudi Arabia is on a serious quest in this field.