JEDDAH, 18 March 2003 — Crown Prince Abdullah, deputy premier and commander of the National Guard, has urged the Council of Saudi Chambers of Commerce and Industry (CSCCI) to study obstacles facing investment in the Kingdom.
Dr. Fahd Al-Sultan, secretary-general of the council, said a panel of experts in cooperation with businessmen will study the problems and suggest solutions to boost investment in the country.
Prince Abdullah ibn Faisal ibn Turki, governor of the General Investment Authority, said he would not rule out a likely decline in the flow of foreign investment to the Kingdom if war breaks out.
Speaking to Al-Eqtisadiah, a sister publication of Arab News, he said the anti-Saudi media campaign by a certain section of Western media had negatively affected the flow of foreign investment into the Kingdom.
“We are trying our best to reduce the effect of the media attack,” the governor said.
He said the authority was continuing its efforts to reduce the areas off-limits to foreign investment. However, he did not say how many new companies came forward with investment projects after the publication of the new revised list.
The GIA has already licensed 1,718 projects worth SR50.8 billion. Among them, 979 projects worth SR22.8 billion are in the service sector, 736 projects worth SR27.8 billion in the industrial sector and three projects worth SR75 million in the agriculture sector.
In a related development, the Eastern Province Chamber of Commerce and Industry will organize a forum on investment opportunities in small and medium scale projects and institutions.
A number of working papers will be presented at the forum to be held on Oct. 21-22.
