JEDDAH, 11 August 2003 — Saudi Arabia’s efforts to attract investment will be the focus of a seminar to be held on the sidelines of the second Arab Industrial Exhibition here. Makkah Governor Prince Abdul Majeed will open the weeklong show on Sept. 13.
Prince Abdullah ibn Faisal ibn Turki, chairman of the board and CEO of the Saudi Arabian General Investment Authority (SAGIA), is to present a paper on the Kingdom’s achievements in the investment sector.“Saudi Arabia’s experiment was selected for the seminar because of the country’s success in drawing investment,” Talaat Al-Dhafir, director general of the Arab Organization for Industrial and Mining Development, said.
“The Kingdom enjoys a distinctive position in investment and economic areas. It’s one of the largest economies in the Arab region,” Dhafir said in a statement on the occasion of the exhibition, which is to be staged at Al-Hamra Center.
Industrial firms from 10 Arab countries as well as several individual companies have agreed to take part in the event. Last year the exhibition helped to bring together a large number of Arab industries under one roof.
Dhafir said the seminar would focus on the achievements of Arab countries in the industrial sector and explore prospects of setting up joint Arab ventures.
“The seminar will also focus on Arab countries’ efforts to draw investment,” he said and highlighted the significance of investment projects in boosting economic and industrial development.
He said many Arab countries changed their rules and regulations to attract funds.
The exhibition and seminar are organized by the Arab League in cooperation the Saudi Commerce Ministry.
Saudi Commerce and Industry Minister Dr. Hashim Yamani as well as a number of Arab industry and investment ministers are tipped to address the seminar.
The event is important to promote inter-Arab trade and industrial cooperation. According a recent study, trade between Arab countries has not yet exceeded 10 percent of their commercial exchange.
The study, conducted by Dr. Ali Al-Hammadi of the College of Economics at Jordan’s Zaitoona University, pointed out that Saudi Arabia played a leading role in promoting inter-Arab trade.
The study found lack of variety in exports “a dangerous impediment” to inter-Arab exports. Bureaucracy, inefficient transport means, failure of industrialization strategies and customs complications were other reasons hampering Arab exports.
