attention of investors, mainly from the international community, such as the World Trade Organization and the international coalitions of major corporations that have become a main feature and catalyst of globalization. Saudi Arabia’s significance is also bolstered by the fact that it is the cradle of several ancient civilizations and the birthplace of Islam. Its abundant natural resources, such as oil, natural gas, and minerals, also create big opportunities to bring in substantial investments and achieve its economic, industrial, and commercial objectives. The Kingdom also has the resources needed to enhance the tourism industry. While Saudi Arabia’s natural resources are one of the key factors contributing to the success of its plan to attract investments, there are other factors as well. The approach to utilize such resources, develop strategies, and draft rules and regulations to support and guide these strategies are all complementary factors needed to fully reap the benefits of this material wealt h and ensure a better future.”
[31]
Years later, the preliminary studies conducted by Al Aghar Group didn’t identify an owner in a government agency to coordinate, monitor, and evaluate them. In fact, the abovementioned three elements were the basis for the group’s most significant study, which aimed to orient the nation’s goals towards future generations. Towards a Knowledge-Based Economy At the behest of King Abdullah, Al Aghar Group developed the Knowledge Strategy which aimed to build a knowledge-based economy. The strategy consisted of five main themes:
1. Education 2. Training 3. Venture capital investment 4. Attracting innovative and development-oriented minds 5. Technology, research and development
Al Aghar Group engaged the support of some Malaysian research centers and specialists, based on a recommendation from the Islamic Development Bank. Malaysia is a Muslim country, which has adopted an outstanding method for investing in human capital and developing worker knowledge and expertise, turning them into efficient and productive assets capable of pushing the boundaries of development and advancement. We held a meeting on the tenets of Shariah law in relation to religion, mind, money, progeny, and the self. [32] During the meeting, one of the Malaysian advisors presented a concept based on a six-word alliteration using the letter “I”: investment, innova tion, infrastructure, information, institutions, and incentives. We then added a seventh item to the list: Islam. Our experience with strategy development was shaped by our respective wants, values, and environment. We were a group of Saudi specialists of different ages, backgrounds, temperaments, expertise, affiliations, and regions, who were bound by national spirit and a shared belief in the need to create a society that aspires for knowledge and strives to build a sustainable knowledge economy. We brought together over 300 people in three 3-day workshops. The first kicked off at the Durrat Al Aroos resort in Jeddah with 100 participants from the cities of Makkah, Madinah, Jazan, Najran, Asir, and Al Baha. The second workshop took place in Jubail under the auspices of the Royal Commission for Jubail and Yanbu, and included 100 participants from the Eastern Province, the Northern Border,
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