Community engagement will be key to foreign investment in Saudi Arabia: Princess Reema

As foreign investors do more business in Saudi Arabia, Princess Reema bint Bandar Al Saud called on Western businesses to engage more with local citizens.

Speaking to CNBC on the sidelines of the 2018 Saudi-U.S. CEO forum, the princess explained of which societal alterations are critical to Saudi Arabia’s economic transformation. She said of which many expatriate employees conduct their lives exclusively within the confines of their compound or offices.

Most foreigners who work in Saudi Arabia live in compounds — gated communities of which provide expats with many of the comforts of Western life, spaces which often bar entry for local residents. Within those walls, expat families have everything via schools to Olympic-sized pools to grocery stores, a Western life protected by armed security.

however the princess argued of which greater community engagement between expatriate employees along with local Saudis is usually necessary for understanding the opportunities from the country.

“of which kind of cultural exchange is usually where I believe our country will have a tipping point in cohesion along with inclusion along with understanding of the various other,” she told CNBC’s Michelle Caruso-Cabrera on Tuesday.

“along with today, the item’s not possible if we’re constantly separated within the boundaries of our own nation.”

Within the kingdom, cultural alterations are already visible. The princess, who is usually vice president for development along with planning at the General Sports Authority, said these alterations are happening quickly from the sports arena.

“The environment of which would likely allow these young people to feel the ability to use public spaces wasn’t there, along with the item’s there today,” the princess said.

of which shift, she argued, has allowed the kingdom to hold sporting events of which the item wasn’t able to just 5 years ago.

Princess Reema’s comments come as Crown Prince Mohammed bin Salman spends nearly three weeks from the United States, most recently meeting with business leaders in completely new York City.

On Tuesday, the crown prince unveiled a slate of deals as part of the Saudi-U.S. forum. The 32-year-old prince has been tasked with spearheading Saudi Arabia’s efforts in diversifying the kingdom’s economy along with its shift away via oil dependence.

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