The participants emphasized that annual public donations worth over 125 billion Saudi riyals should go to more efficient investment channels.
Herman De Bode, Managing Director of McKinsey Company – Riyadh Office, addressed the final session by comparing that charitable activities in the US make up only two percent of its national income against five percent in the Saudi Arabia, which is the highest rate in the world.
But, he regretted that this big sum is not optimally invested in, for instance, reducing poverty and joblessness.
For his part, Professor Humayon Dar Chairman, President CEO Edbiz Consulting Limited, said Saudi Arabia is the key world collector of zakat (alms-giving).
He called for inventing a fresh mechanism for capitalizing on charitable activities by achieving higher profits on the long run.
He said such funds should be invested in sustainable projects bearing on employments and prosperity.
The Jeddah Economic Forum convened its 12th edition on March 3-6, 2012. This year’s theme is "Beyond Borders … Building Tomorrow’s Economies Today", which focuses on how, in an age of recurring global economic crisis, a constant has remained … the need for greater connectivity to achieve sustainable economic growth. Every strata of an economy today looks beyond its own borders as to how it will achieve future economic prosperity.
The theme for Day one is "Beyond Borders", which examines how greater connectivity in today’s world has been both actual and digital, connecting cities with cities, countries with countries and regions with other regions.
The theme for Day two is "Regional Priorities", which examine how the Middle East, strategically placed between North Africa and South Asia, in 2011 dominated global media headlines as the region was swept by political turmoil.
The theme for Day three is "Arabian Future", which examines Saudi Arabia’s vision to build the economy and society of tomorrow, bringing prosperity and stability for generations to come.
