Today, a two-day conference gets under way in London aimed at attracting foreign investment to Saudi Arabia. The issue is close to the government’s heart. For at least the past two years, it has seen overseas investment as a motor for the Kingdom’s future economic growth. The conference was planned long before the events of Sept. 11, but it was felt that despite the problems, the event had to continue. The issue is too important for the country’s future development.

There is no doubt that the Sept. 11 attacks have had serious economic consequences here in the Kingdom, as elsewhere. Businesses report a downturn in trade and hotels in Jeddah and Riyadh are more than half-empty. So are planes flying in and out of the Kingdom — so much so that many foreign airlines have cut scheduled flights and talk of cutting more. Some European airlines are even thinking of stopping certain Middle Eastern routes altogether, not because of any political reasons, but because it is economic folly to fly large aircraft from London or Paris with just 10 or so people on board. That is happening.

It would have been strange indeed if the Kingdom, a major player in the global economy, had been able to isolate itself from the fallout of Sept. 11. The damage inflicted on the airline industry is worldwide. So too are all other aspects of the international recession. In cities across the US, in Paris, London, Milan and Amsterdam, stores and hotels all report a similar damaging drop in business. They, like their Saudi and Middle Eastern counterparts, all hope for a quick end to the present unsettling climate. But there are rays of hope on the horizon.

One such ray is this week’s decision by Emirates, the UAE airline, to order 40 new wide-bodied aircraft from Boeing and Airbus and confirm orders for another 18 other Airbuses.

All that has been heard from the aviation industry in the past few weeks is bad news — airlines cutting routes, sacking employees by the thousands, cutting orders for new aircraft; and airline manufacturers like Boeing laying off employees by the tens of thousands. An odd time, then, to announce what is one of the biggest orders in aviation history, worth $15 billion; but it could not have been better timed. An Arab airline — a GCC airline — has chosen to lead the way back to economic sanity.

While others worry about recession and slump, it has confidence in the future: in its future as a major international operator and in Dubai’s future as a major business and tourist destination. So too do the Dubai authorities; otherwise they would not yesterday have announced an extra $1.1 billion to expand Dubai international airport on top of the $1.4 billion already allocated.

Confidence is the all-important ingredient in business. It is what makes the global economy work. Emirates’ announcement should put heart back into the airline industry. It should give other airlines the confidence to go back to their own plans for growth and stick to them — because in a few weeks’ time, regardless of what happens in Afghanistan, people’s worries about flying will subside; business will pick up — including, almost certainly, interest in investing here in the Kingdom. The gray clouds will not last forever.