RIYADH, 4 December — Crown Prince Abdullah, deputy premier and commander of the National Guard, has said that the government will undertake more steps to promote foreign investment in the country.
“Be assured that, God willing, your government will continue to boost and facilitate investment,” the crown prince told a large group of businessmen during a reception at his palace Sunday night.
Saudi Arabia, the world’s leading oil producer and exporter, has stepped up a campaign to attract domestic and foreign investments in its bid to diversify revenue sources.
Riyadh opened up to foreign investments last year after establishing the Saudi Arabian General Investment Authority (GIA).
In the last 18 months, GIA gave away 583 projects worth more than SR35 billion to foreign and local investors, and is planning more in the near future.
Among the projects approved by the authority, 289 are in the industrial sector — which require a capital investment of SR19.28 billion — and 294 are in the services and contract sectors.
According to Dr. Fuhaid Al-Sharif, deputy governor of the authority, 16 percent of the projects licensed were joint ventures worth SR5.8 billion. The remaining projects, worth SR29.38 billion, will be carried out with foreign capital only.
Earlier this year, Riyadh signed a memorandum of understanding with eight international oil companies for the multibillion “gas initiative”, giving them exploration rights in three major gas fields.
As with his previous meetings with officials and scholars during the holy month of Ramadan, Prince Abdullah lashed out at the “deliberate and unfair” foreign media campaign against the Kingdom.
“By now, you are aware of the situation and the deliberate and malicious campaign against your country. You have a duty to explain to those you know the (real) situation in your country,” he told the businessmen.
“This nation will not be harmed by anything as long as it adheres to the true faith and rule by God’s law,” the prince said.
Riyadh has been subjected to strong criticism by the Western media in the aftermath of the Sept. 11 attacks in the US and is accused of “being soft on terrorism and not cooperating with the anti-terror campaign”.
The Kingdom has strongly denied these accusations.
Addressing the reception, Commerce Minister Osama Faqeeh thanked the crown prince for giving the business community an opportunity to exchange views with him.
Abdullah Zainal, chairman of the Jeddah Chamber of Commerce and Industry, underscored the government’s support for industrial and commercial projects.
Zainal highlighted the private sector’s role in spurring economic growth, noting that it has contributed 48 percent of the Kingdom’s gross domestic product (GDP).
Abdul Rahman Al-Jeraisy, chairman of the Riyadh chamber, said the reforms introduced by the government would enable the country to cope with international economic developments.
Khaled Al-Zamil, chairman of the Eastern Province chamber, promised that businessmen would act as the Kingdom’s ambassadors while dealing with their foreign counterparts. He also reaffirmed the private sector’s commitment to find more jobs for Saudis.
