The country already has one set-piece economic event, the Jeddah Economic Forum. It has proved extremely successful in its five years of existence, not only attracting major international figures — among them former US Presidents Bill Clinton and George Bush Sr., former German Chancellor Helmut Kohl, former French President Valerie Giscard d’Estaing and former Prime Minister John Major — but also focusing on economic issues of the moment. In doing so, it provides a highly effective interface between the international economic arena and the Kingdom, indeed one between the international economic arena and, if not the entire Arab world, then certainly the Gulf region.

Precisely how many economic forums does the country need? More than the existing one? The answer has to be a resounding No — not least because the Jeddah event itself is having difficulty maintaining its initial momentum. This year’s JEF speakers had none of the mega profiles of those in previous years — for the simple reason that there are only so many political superstars available.

Nor is there any point in revisiting issues that have already been addressed.

Not that that seems to worry the promoters of the Riyadh copy, who are intent on doing just that with their plans to look at the contribution of the private sector to the national economy as well as set up a section to cater to the needs of Saudi businesswomen. These have already been done by the JEF.

It is difficult to avoid the suspicion that voices in the capital have decided that whatever happens in Jeddah has to happen in Riyadh too, or even worse, that Jeddah should not be allowed to get away with a success. It is pointless rivalry. A waste of money too. A Riyadh Economic Forum, which is not going to come cheap, is not going to add to anything that the Jeddah Economic Forum does not already achieve. On the contrary, it will almost certainly undermine what already exists by watering down interest in it, both nationally and internationally.

And after the REF, is there going to be a Dhahran Economic Forum, an Abha Economic Forum, a Taif Economic Forum? Why not? If Jeddah and Riyadh can have showcase events like this, others are bound to follow suit.

Saudi Arabia is not big enough for two economic forums. If Riyadh wants a slice of the action, then it would be better to build on the JEF’s achievements rather than duplicating it. It could become a Saudi economic forum, a movable feast taking place annually in different venues. Or even better, it could be transformed into a Gulf or even Arab economic Forum, addressing economic issues that are central to GCC and Arab hopes of development, again taking the event to different places in the Kingdom. At the very least, there is tremendous scope for developing the JEF into a Gulf event.

The idea of a Riyadh economic forum has been around for three or four years. Sensibly, it has been sat upon so far. It is a pity it could not have been sat upon permanently. The JEF is a success. It should not be undermined — which is what the REF will do, merely by being there.