JEDDAH, 11 February — Saudi and German businessmen and company executives meeting yesterday under the auspices of Jeddah Chamber of Commerce and Industry outlined prospects for joint ventures while focusing on the investment climate in the two countries.
The speakers at the one-day conference on "Investment climate and opportunities in Saudi Arabia and Germany" discussed a wide range of issues covering the new foreign investment laws in the Kingdom and the effect such regulations will have on the flow of foreign capital. They also reviewed the German tax system and the incentives offered for international investors, management solutions, future projects for meeting medical demand in the Kingdom and the legal aspects relating to investment.
The speakers included Muhammad Al-Sharif, JCCI deputy secretary-general, Abdul Aziz Al-Khaslan, general manager of the Saudi Consulting House, Sulaiman Al-Sayyari, general manager of the Saudi German Development and Investment Company, Dr. Khaled Batterjee of the Saudi German Group, Wlofgang Althaus and Dr. Holger Jung of the Coudert Schurmann law firm, Michael Muller, owner and CEO of SMS Strategic Management Solutions, and Andreas Haherbeck of the Alliance Law firm.
The German delegation will hold a similar conference in Riyadh today to be addressed by Governor of the General Investment Authority (GIA) Prince Abdullah ibn Faisal ibn Turki, who will explain the new investment regulations in Saudi Arabia.
Since its formation last year, GIA has issued licenses for more than 130 projects worth over SR40 billion. The government plans to offer trade financing of up to 85 percent and other facilities to boost non-oil exports and diversify the economy by encouraging Saudi exports.
Other speakers at the Riyadh meeting will include Saad Al-Megal, vice chairman of the Council of Saudi Chambers of Commerce and Industry, and Werner Lauk, minister counselor and deputy head of mission at the German Embassy. (AN)
