RIYADH, 27 April 2006 — Saudi Arabian General Investment Authority (SAGIA) Governor Amr Al-Dabbagh was awarded “Man of the Year” by Arabian Business magazine, published by ITP.
The publisher has previously awarded King Abdullah II of Jordan as well as Dubai Ruler Sheikh Mohammed ibn Rashed Al-Maktoum.
The judges gave Al-Dabbagh 19 of the maximum possible 20 points for the award, citing the following: The enhancement of the investment environment in Saudi Arabia, increase in the flow of investments and attention to achieving SAGIA’s goals - improving the investment competitiveness, supporting and growing DDI and supporting and attracting FDI.
During the 3rd quarter of 2004, SAGIA underwent a restructuring exercise to align itself with the newly adopted strategy. Eighty percent of the executive team was headhunted from the private sector to achieve this new strategy.
In 2005, SAGIA’s top five achievements mirrored efforts by this the Saudi IPA to increase the country’s investment competitiveness:
1. Total inward licensed investments topped $53 billion, 30-fold the figure from 2004.
2. Custodian of the Two Holy Mosques King Abdullah launched the King Abdullah Economic City, a $27 billion project wholly funded by the private sector.
3. Jubail City was nominated by SAGIA to the prestigious FT award and was chosen The Best City in the Middle Eastern with Economic Potential.
4. The Inter Arab Investment Guarantee Corporation ranked Saudi Arabia the top Arab FDI destination for the year.
5. The “Doing Business in 2006” report issued by the ICF, part of the World Bank, increased Saudi Arabia’s investment competitiveness ranking from 67th to 38th, besting all Arab states.