Crown Prince Abdullah bin Abdulaziz, the Deputy Premier and Commander of the National Guard, graced here last night the dinner party held in his honor by the Saudi-American Business Council.
Prince Abdullah was welcomed by Abdulaziz Al-Qureishi, the Chairman of the Board of Directors of the Saudi-American Business Council on the Saudi side, and by Dekrin Junior, the Chairman of the Council's Board of Directors on the American side.
Speaking on the occasion, Al-Qureishi highlighted the great attention given by Prince Abdullah to the private sector and to the economic relations between the Kingdom of Saudi Arabia and the US.
'By all means the Saudi economy is the greatest among the economies of the Arab countries, said Al-Qureishi, noting that the Kingdom has been adopting the policy of free enterprise and open economy where capital can be shifted easily without any restriction.
'Moreover, the Kingdom enjoys a perfect and developed banking system', he added.
Al-Qureishi pointed out that the volume of trade exchange between the Kingdom and the US jumped from only $160 million in 1970 to $26 billion in 2004, adding that the US is the Kingdom's biggest partner in the field of foreign trade, and moreover it is the biggest investor in the Kingdom.
Al-Qureishi noted that the number of the Saudi-American joint companies has amounted to 360 with an invested capital of more than $20 billion.
He said that the Kingdom's policy to diversify its economic base and to lessen dependence on oil revenues as well as its policy of privatization of establishments and public service will make investment in the country more profitable.
'The Gross National Product (GNP) attained in 2004 a growth rate of 16.9 percent compared to the previous year', he added.
For his part, Crown Prince Abdullah said: 'Thanks to Almighty God, we have successfully surpassed the hard days, and we are now moving towards a stage when terrorism is retreating and extremists are being defeated. Moreover, we are moving towards a just settlement for the Palestinian problem which has been causing tension in the region', he added.
Prince Abdullah pointed out the economic reforms witnessed by the Kingdom including the issuance of a clear and flexible taxing system in addition to the privatization policy. He reiterated the Kingdom's keenness on removing all obstacles that might face foreign investments in the country. 'Moreover, we are making a comprehensive revision for our judicial system so as to make it more transparent and more decisive', he noted. 'I would like to take this opportunity to invite you to invest your capital in the promising and profitable Saudi market', he said.
