Council of Saudi Chambers, The Business Year discuss Saudi economy concerns
The event covered the role that both the government and private sectors play in revitalizing the Saudi economy.
Speakers included Abdulrahman Al Zamil, chairman of CSC; Faisal Alsugair, chairman of Saudi Civil Aviation Holding Company (SCAHC); Mohammed Al Hussein, secretary general of the Council of Cooperative Health Insurance (CCHI); and Tawfiq Al Ohali, acting CEO of National Unified Procurement Company for Medical Supplies (NUPCO). Leland Rice, editor-in-chief of The Business Year, moderated the discussion.
The participants spoke about privatization and how various reforms affect their respective sectors and companies.
"The old way of doing business doesn't work anymore," Al Zamil said.
He went on to mention how drops in oil prices are bringing "golden opportunities" for the country, as the government and private companies adopt best practices and increase efficiency.
"Short-term crisis is prompting a long-term improvement," Alsugair said, referring to oil prices.