JEDDAH, 16 March 2003 — Economists estimate Saudi citizens’ foreign investments at about $800 billion.
They told Okaz newspaper that Saudis repatriated $4 billion (SR15 billion) to the Kingdom following the Sept. 11, 2001 attacks in the United States.
“Most of these repatriated funds have been invested in real estate and stocks,” they told Okaz. There are a lot of investment opportunities in the Kingdom’s industrial, agricultural and service sectors, they added.
In a recent statement, Crown Prince Abdullah, deputy premier and commander of the National Guard, called on Saudi businessmen to invest in the Kingdom without hesitation.
“Don’t worry about the safety of your capital funds invested in the Kingdom,” the crown prince told reporters after inaugurating a major shrimp factory in Laith, one of the largest in the world.
Prince Abdullah also said that the government will provide all facilities to investors, including soft loans.
Commenting on the crown prince’s statement, Hussein Shobokshi, a prominent businessman, said the Kingdom offers a suitable atmosphere for investment. “Ours is a fertile land for investment,” he added.
Investment in the Kingdom is safer for Saudis, Shobokshi said in reference to moves by certain countries to freeze funds of some Saudi businessmen.
Shobokshi urged Saudi banks to finance projects, providing businessmen enough time to pay back their loans.
Sobhi Batterji, a top businessman, said Saudi Arabia is the largest recipient of foreign investment in the Middle East. “Saudis who have taken their funds abroad should bring them back to the home country.”
Muhammad Al-Sharif, acting secretary-general of the Jeddah Chamber of Commerce and Industry, also highlighted the measures taken by the government to facilitate investment procedures.
