Saudi investments needed in India

Updated 16 December 2012

Saudi investments needed in India

Several Saudi businessmen expressed their strong interest in investing in the Indian economy, during a recent visit that entailed three cities.
The need for greater Saudi investments in India rose to the forefront of talks after the Director of the Indian Arab Chamber of Commerce and Industry Sunanda Rajagopal highlighted that only 46 Saudi companies operate in India, while 486 Indian firms are active in the Kingdom. The Indian companies are operating in the Kingdom under licenses issued by the Saudi Arabian General Investment Authority.
The Saudi business delegation voiced their concerns regarding the high Indian tax rates and expressed the hope that any obstacles hindering mutual business activities will be overcome through negotiations, Al-Eqtisadiah daily reported yesterday.
However, Indian Consular General in Jeddah Faiz Ahmed Kidwai said the Indian government treated all foreign investors alike and there was no provision to give special treatment to any foreign investors including Saudi Arabian businessmen.
Kidwai made that statement while explaining to the visiting Saudi delegation the economic situation in India and the means to boost Saudi-Indian commercial relations, in addition to the possibility of opening joint ventures.
“Even though there is no special treatment offered to any foreign country, the bilateral relations between India and Saudi Arabia are very strong, especially after Custodian of the Two Holy Mosques King Abdullah’s visit to India and Indian Prime Minister Manmohan Singh’s visit to the Kingdom,” the consul general said.
Kidwai also affirmed the economic stability of both the countries and noted that the two economies are progressing unhindered by the recent global economic crises.
Speaking on the occasion, Chairman of the Saudi Indian Business Network Ghazi Bin Zagr said he believed in the depth of the bilateral relations between the two countries.
“It is time for the private sector to take the conducive bilateral relations farther ahead. We are very pleased to visit the three Indian cities, including New Delhi.

During our visit we noticed many investment opportunities available for Saudi businessmen, namely in the real estate sector, information technology sector, as well as the textiles, garments and food industries,” he said.
A young businessman, Meshari Zahran of the Zahran Contracts, suggested the establishment of advanced technology universities in the Kingdom with Indian collaboration.
The visiting team also met with leading Indian industrialists, including the Chairman of Tata Group Ratan Naval Tata who explained his companies’ policies and offered training opportunities for Saudi youth.


Saudi Arabia's King Salman holds talks with Iraq President Barham Salih

Updated 18 November 2018

Saudi Arabia's King Salman holds talks with Iraq President Barham Salih

  • The king hosted a lunch and "discussed regional developments" with Saleh
  • An Iraqi official said Saleh was on an overnight visit at the invitation of King Salman

RIYADH: Saudi Arabia’s King Salman received Iraq's new President Barham Saleh on Sunday on his first official visit to the Kingdom.

The king hosted a lunch and "discussed regional developments" with Saleh, the official Saudi Press Agency said, after the Iraqi leader's arrival in Riyadh following a visit to Iran.

An Iraqi official said Saleh was on an overnight visit at the invitation of King Salman.

There have been several visits in recent months between the two countries as Iraq seeks closer ties with Saudi Arabia as it look to rebuild after the defeat of Daesh.

In October 2017, Saudi Arabian budget airline flynas made the first commercial flight from Riyadh to Baghdad in 27 years.

Saudi Arabia is keen to develop strong relations with Baghdad to counter Iranian influence in Iraq.