RIYADH, 27 January 2003 — Riyadh Governor Prince Salman has called for the creation of an economic environment conducive to the flow of Arab capital and promotion of economic cooperation in the region.
Prince Salman yesterday inaugurated a two-day Saudi-Lebanese Economic Forum for boosting bilateral relations in various fields. Saudi investments in Lebanon stand at more than $2 billion spread over 190 joint ventures in both countries. They range from real estate, tourism, insurance and industries to banking, advertising and information technology.
The inaugural session, held at the King Faisal Hall, was attended by Lebanese Prime Minister Rafik Hariri, Rauf Abu Zaki, director general of the Lebanese Group of Economy and Business, Adnan Al-Qassar, president of the Lebanese Federation of the Chambers of Commerce, Industries and Agriculture.
Abdulrahman Al-Jeraisy, president of the Riyadh Chamber of Commerce and Industry and of the Council of Saudi Chambers of Commerce and Industry, was also present. Some 400 businessmen from both sides are attending the two-day session intended to boost bilateral trade and investment.
During the two-day deliberations, the Lebanese side will brief Saudi businessmen on investment opportunities in tourism, banking, investment, education, health, IT, communications and real estate.
Prince Salman, accompanied by Hariri, went around a trade exhibition held on the sidelines of the forum. On display are a range of products and services offered by Saudi and Lebanese companies in the fields of tourism, insurance, construction and other sectors.
In an extempore speech, the Riyadh governor called upon the Arab businessmen and entrepreneurs to pool their resources into setting up joint ventures and promoting trade relations. Such cooperation at the pan-Arab level, he pointed out, was imperative if the Arab states were to overcome the challenges confronting the region.
He recalled the close and historic relations between the two countries, which have matured into solid ties at the social, cultural, economic and political levels. Prince Salman also paid tribute to Hariri for his role in strengthening Saudi-Lebanese relations, both during his stay in the Kingdom during the Lebanese civil war and subsequently as his country’s prime minister.
Earlier, Hariri called upon the Arab countries to strengthen their commercial and economic cooperation. Such a united front had become a top priority against the background of the global economic challenges confronting the Arab nation.
Hariri also stressed the importance of security and stability on the economic front, as this would create a climate conducive to private sector participation in the regional economy. Saudi investments in Lebanon, he pointed out, have been channeled into construction, services, banking and industrial sectors totally worth over $2 billion.
Speaking on behalf of the Saudi business community, Al-Jeraisy highlighted the burgeoning economic relations between the two countries.
He said that the more than 190 Saudi-Lebanese joint ventures had resulted in 108 projects in the industrial sector involving an outlay of $2.4 billion. On the Lebanese side, Rauf Abu Zaki highlighted the continued growth in economic ties between the two countries.
Adnan Al-Qassar, chairman of the Lebanese Chambers of Commerce, Industry and Agriculture, said the setting up of the forum symbolized the determination of both countries to enhance their relations on the economic front.
Describing the Saudi-Lebanese Economic Forum as a landmark development in their bilateral relations, Basil M. Al-Ghalayini, president of BMG Financial Advisors, said his company had acted as a catalyst in stimulating investment between the two countries. He said both the Lebanon and Syria offered investment opportunities in tourism, insurance and other sectors.
