The conference on investment opportunities in the Kingdom of Saudi Arabia, which is organized by the Middle East Economic Digest (MEED) in cooperation with the Saudi General Authority for Investment, opened yesterday in London.
A group of officials, economic experts, and British and Saudi businessmen, led by Prince Abdullah bin Faisal bin Turki, Governor and Chairman of the General Authority for Investment in the Kingdom of Saudi Arabia, participated in the event, which was also attended by British, Arab and foreign media representatives.
In a key address, Prince Abdullah bin Faisal bin Turki said that there are many great investment opportunities in various fields in the Kingdom. He said that opportunities arising over the forthcoming decade would be worth billions of dollars.
Despite current tensions in the region, the Kingdom maintains stable relations with other countries, which it seeks to foster. The history of the Kingdom reflects success in preserving good relations with all advanced, democratic countries of the international community.
He said that the Kingdom, in a relatively short period of time, has made great economic progress and has taken significant steps towards preserving a stable, competitive economy that has an effective role in the global economy.
He called on participants of the conference to focus on the economic agenda, noting that meeting the needs of citizens and markets and providing satisfactory guarantees for foreign and Saudi investors are the bases for investment in the Kingdom.
Mike O'Brien, the British Minister of Commerce and Investment, said that the British government strongly supports investment in the Kingdom of Saudi Arabia. He noted that Britain has maintained firm commercial ties with the Kingdom of Saudi Arabia, and that the volume of British-Saudi trade is currently equivalent of the volume of its trade with both Russia and India together. He said that commercial relations with Saudi Arabia yield abundant benefits to Great Britain. He cited the increase by 26% of British exports to the Kingdom this year, which evidences the growth of commercial and economic relations between the two countries in spite of the critical circumstances in the region.
Mr O'Brien said that the government of Saudi Arabia attaches great importance to achieving security and stability and is among the leading countries in the fight against international terrorism. He emphasized that Islam is a religion of peace, not violence, and that terrorists use religion to justify their terrible crimes. Muslims, Christians, Hindus and believers of all religions should close ranks in the campaign against terrorism, he said. He stressed that the occurrence of some terrorist incidents in the Kingdom would not hinder investment in Saudi Arabia, noting that Britain has successfully attracted foreign investment despite terrorist threats from the Irish Republican Army.
The British Minister said that the Kingdom of Saudi Arabia has taken important steps towards reform, citing a number of new laws pertaining to finance and business sectors. He expressed his hope that next year’s symposium would discuss the accession of Saudi Arabia to the World Trade Organisation (WTO).
Mr O'Brien said that British investments in Saudi Arabia amount to approximately $3.5 billion, and that there are over 30,000 Britons working in the Kingdom. The British government will provide any relevant advice to British companies taking part in this event that are interested in conducting business in the Kingdom, he said.
The editor-in-chief of MEED said that despite current tensions in the region, the Saudi economy - the largest and strongest economy in the Middle East – remains strong and able to face future challenges. The Saudi economy has achieved over 5% growth per annum, and the Saudi balance of payments has a surplus. The Kingdom’s economic performance this year is its best since 1981.
Source: SPA
