DAMMAM, 19 January — Abdul Wahid Al-Sanie, chairman of Saad Trading & Contracting Companies, has given his full support to the economic reforms introduced by the Saudi government by saying that they were implemented at the right time and in tune with global economic developments.

In an interview with Arab News, Al-Sanie said the formation of the Supreme Economic Council, the Supreme Commission for Tourism and the General Investment Authority means they will play a big role in taking the Saudi economy to new heights.

A member of the Eastern Province Chamber of Commerce and Industry’s board of directors, Al-Sanie allayed fears that the Kingdom’s entry to the World Trade Organization would affect the Saudization drive.

"Saudi law insists that a certain percentage of the labor force must be Saudis and nobody will be allowed to violate this rule, even after the Kingdom’s admission to the WTO," he said.

However, he hinted at the fact that WTO membership might negatively affect the Kingdom’s services sector if it did not gear up to face competition by vastly improving itself. He also urged Saudi firms to enhance their capabilities to consolidate their position in both local and international markets.

Al-Sanie said the Saudi economy was capable of facing the global economic challenges. "In the past, we were able to overcome economic difficulties successfully. We are now facing drastic changes in the world economy in terms of the new economic order and the Word Trade Organization," he said.

"I believe that the new economic policies adopted by the government will address global economic developments. In the beginning, we may face some difficulties; but we have the ability to adapt to the changes, especially in the wake of the efforts to activate the private sector to play a leading role in the economy," he explained.

Al-Sanie called on the government to adopt policies that would help qualified technical and administrative Saudi hands to aspire toward leadership roles in various projects.

Al-Sanie said he did not believe that the Kingdom’s privatization process was slow. "Privatization is not an easy process. It needs time to be implemented in the right manner," he said, and he commended the strategic planning of the Saudi authorities in this respect.

"Privatization involves many factors. It should consider the interest of consumers, the rights of shareholders, and the work force. It also requires the reorganization of projects to increase their efficiency and productivity."

Al-Sanie said Saudi Arabia enjoys a number of strong features, including security, freedom of capital movement and the exemption of customs tariff to attract foreign capital. He advised Saudi entrepreneurs to focus on industrial and service sectors in future.

Al-Sanie underscored the remarkable development achieved in the Eastern Province during the last few decades. He said the region has attracted investors who have carried out projects in the industrial, commercial and tourism sectors. He said that the government’s support for the private sector had enabled it to play a major role in the development.

He urged Saudi chambers to set out new standards to improve the quality of products and services to compete with international giants.

"We have to be prepared to face the challenges and to deal with them in an efficient and profitable manner," he said and called for strengthening the country’s diversification drive.

He emphasized the benefits of diversification of investment. "It is better for a person not to put all his eggs in a single basket, especially in light of fast global economic changes and technological progress. Diversification of investment always brings rewards."

The Saad group specializes in real estate development, construction, information technology, medical services, the travel industry, finance and investment, design and engineering and other areas. It was placed 16th in the list of top 100 Saudi companies last year. The group’s total investment in these various sectors is estimated at more than SR5.5 billion.

The first phase of the Saad Specialist Hospital was opened recently with 257 beds. In the second phase it will have a total of 507 beds with specialized clinics for heart diseases and organ transplant operations, cancer and diabetes. It will also have royal and VIP wings and a helipad to receive patients brought in by air ambulance.

The Saad Specialist Hospital received the endorsement of the Saudi Cardiology Society, an affiliate of the American Cardiology Society, within a short period of its establishment. The hospital receives serious cases transferred from other hospitals and medical centers in the province.

The group has also established a unit to recycle medical garbage at a cost of SR8 million near the second industrial city in Dammam.