FaceOf: Majid bin Abdullah Al-Qassabi, KSA's minister of commerce and investment

Updated 21 June 2018
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FaceOf: Majid bin Abdullah Al-Qassabi, KSA's minister of commerce and investment

  • Al-Qassabi declared that Saudi Arabia’s inclusion in MSCI’s emerging market is recognition of its efficiency in satisfying global markets’ needs
  • Al-Qassabi was born in 1959 in Jeddah to one of the biggest real estate owners in the Kingdom

Majid bin Abdullah Al-Qassabi is the minister of commerce and investment in Saudi Arabia.

On Thursday, the minister declared that Saudi Arabia’s inclusion in MSCI’s emerging market is recognition of its efficiency in satisfying global markets’ needs.

He also highlighted the importance of seizing the day with milestones like these by expanding the liquidity of Saudi’s financial markets through an increase in investments and creating diverse opportunities for investors and traders.

Al-Qassabi was born in 1959 in Jeddah to one of the biggest real estate owners in the Kingdom.

He received his schooling in Jeddah, before he earned his bachelor’s degree in civil engineering from the University of Portland, Oregon, in 1981. 

He then received two master’s degrees: Engineering management from the University of Missouri in 1983 and civil engineering from UC Berkeley in 1982. After that, he returned to Missouri to pursue a doctorate in engineering management in 1985.

The current minister became a professor at King Abdul Aziz University in Jeddah for 11 years, before serving as the secretary-general of Jeddah’s Chamber of Commerce in 1998.

In 2002, he was appointed as the director general of the Sultan bin Abdul Aziz Al-Saud Foundation, then became an adviser to the crown prince’s court in 2010. 

Al-Qassabi sits on many boards and serves as a member of major Saudi charities such as the Council of Saudi Ports Authority Management, the High Commission for the Development of Hail, the Centennial Fund and the Supreme Economic Council.


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

Updated 18 June 2019
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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.