Stability ‘key to Saudi progress, prosperity’

Updated 06 October 2015

Stability ‘key to Saudi progress, prosperity’

JEDDAH: Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman have termed National Day as the celebration of the building of a glorious and unique Islamic state by adopting the Holy Qur’an and the Prophet’s Sunnah as the basis for all its affairs and dealings.

In an address on the occasion of the 85th National Day, the crown prince lauded the care taken by Custodian of the Two Holy Mosques King Salman of the holy sites and of all Muslim business.
He stressed that the Kingdom would witness in King Salman’s reign further development, prosperity and progress, and that Islamic affairs in general would receive the king’s keenest attention.
Referring to the blessed Eid Al-Adha, the crown prince said the great occasion embodied Muslim unity and solidarity together with sharing joy with fellow pilgrims as they performed the Haj rituals.
The crown prince commended the care given by Custodian of the Two Holy Mosques King Salman to pilgrims and his great determination to provide all facilities to pilgrims to perform Haj rituals in an atmosphere of tranquility, faith, safety and security. He said Allah the Almighty has honored Saudi Arabia and its leaders, allowing them to perform this noble service from the time of the founder, the late King Abdul Aziz, followed by his sons until the reign of King Salman who continues in their glorious and righteous traditions.
Deputy Crown Prince Mohammed bin Salman said despite the disturbing events and circumstances in the region, the Kingdom remained secure and safe in its present and future, thanks to Allah Almighty and the vision of King Salman.
He said he was pleased to join the citizens of the Kingdom in their joy on the blessed Eid Al-Adha and the Kingdom’s National Day which recalled the unification of the country under the banner of Islam, and on the basis of justice and right laid down by the founder of this country, the late King Abdul Aziz, and the march continued after him by his sons.
“As we celebrate our dear country’s 85th National Day under the leadership of King Salman and Crown Prince Mohammed bin Naif, we praise Allah for the countless blessings bestowed upon us including security, safety and stability,” he said.
The deputy crown prince said as long as the Kingdom maintained its stability, it maintained its prosperity and progress.
“The stability ensures the maintenance of law and rights and the safety of a productive environment encourages investors, and creates growing opportunities for work and business expansion.”
He said stability would not have been achieved without the accomplishment of justice to the point that increases the confidence in judicial institutions and controlling bodies, uncovers corruption, and maintains accountability fairly and transparently. None of this stability, he said, would have existed without the application of the teachings of Allah.
Referring to Yemen, he said the National Day came as Saudi armed forces were participating in a coalition with their brothers for the renewal of hope in response to an invitation from the legitimate Yemeni government to root out the destroyers of the state.
The Kingdom is keen to support the right, and adhere to firm fundamentals in
achieving justice, and working with its brothers for the maintenance of peace and security in the region and the Arab world, he said.
“The heroic acts performed by all branches of our armed forces in their daily operations side by side with our brothers in the coalition come within the well-established values on which the Kingdom was founded,” he said. “It always supports oppressed people, and provides them with assistance in all its forms to remove injustice against them in response to an invitation from the legitimate government,” he added.

High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 18 June 2019

High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.