Brand building is a key factor in economic growth and development, said Fahd Al-Rasheed, group CEO and managing director of King Abdullah Economic City (KAEC).
He was speaking at the NEXT Forum, which brought together CEOs, local and international brand experts and thought leaders.
The NEXT Power Brands Festival, organized by Prince Mohammed bin Salman Foundation (MISK), concluded recently with the NEXT Forum.
The festival was the first event to place branding at the center of a conversation around Saudi Arabia’s social-economic transformation.
“We are delighted to be a strategic partner of MISK and Prince Mohammed bin Salman College of Business and Entrepreneurship (MBSC) in presenting his important thought leadership event," said Fahd Al-Rasheed, group CEO and managing director of KAEC.
“We are committed to supporting all initiatives that aim to increase the private sector’s competitiveness, reach and expansion in order to achieve the aspirations of Saudi Vision 2030,” he added.
Among the business leaders who participated in the event were Sir Martin Sorrell, CEO of WPP; Mohammed Alshaya, CEO of the Alshaya Group; Fahd Al-Sukait of the Council of Economic and Development Affairs; and Khalid Al-Bayyari, CEO of Saudi Telecommunications Company (STC).
Teams of panelists discussed market realities, opportunities and challenges, and presented innovative ideas and impactful recommendations related to building and establishing brands.
Topics included the future of retail, consumers’ views, modern perspectives on branding, marketing in the 21st century, the branding of cities, the dynamics of modern economies, and brand building beyond borders.
A highlight of the festival was Prince Mohammed bin Salman College’s announcement of the NEXT Power Brands Index, which will track the Kingdom’s most valuable and impactful brands, based on the BrandZ methodology.
Mohanud Helal, secretary-general of the Economic Cities Authority, thanked KAEC and Prince Mohammed bin Salman Foundation for holding the event.
He said: “We at the Economic Cities Authority encourage initiatives like NEXT, which lend support to the Kingdom’s comprehensive development by empowering young Saudis by honing their marketing and business skills through bringing them together with international thought leaders and enabling them to them showcase their talents at exhibitions and events all over the world.”
Fahd Hamidaddin, secretary-general of the NEXT Festival, was equally upbeat. He said: “I could not be happier with the turnout and response of the who’s who of presidents, executives, and business people from around the world and their contribution to the Next Forum, which was an open, constructive discussion that covered many vital aspects of the reality and future of the Saudi market and the role of the private sector in its development.”
A key component of the festival was the NEXT Markathon, in which a group of national talents competed to develop solutions to marketing problems posed by major national brands, all in an atmosphere of learning that enriches the experience of the contenders and brings them closer to becoming leaders in the near future.

Source: Arab News