JEDDAH, 2 February 2004 — Despite some of the criticisms being voiced about last month’s Jeddah Economic Forum — notably from Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry and a prime mover behind the first Riyadh Economic Forum last autumn — most businessmen across the Kingdom were impressed and are supportive. One such is Usama Ali Tabbara, a prominent chartered accountant in the Kingdom.

Tabbara is a member of various organizations including the Saudi Organization for Certified Public Accountants and the Association of Lebanese Certified Public Accountants.

He is Director & Vice President of the Arab Society of Certified Public Accountants, and advises the Lebanese courts on accountancy. He is a representative at the UN Intergovernmental Working Group of Experts on International Standards of Accounting & Reporting. He is also on the board of directors of Nexia International & chairman of Nexia Middle East.

In an interview with Arab News, he looked at the economic prospects for Saudi Arabia and gave his impressions of the Jeddah Economic Forum.

Q: Was this the first time you had been to the Jeddah Economic Forum? How would you describe it?

A: Yes, this was the first time I attended the Jeddah Economic Forum. It was fascinating, well-organized and the speakers were very good. I think a number of economic insights came out of the meeting which will lead to changes in people’s attitudes concerning both economic and social problems.

Q: You have lived in the Kingdom for over 35 years. How does the Saudi economy look to you?

A: The economic situation has been improving. The stock market is an example. There have also been more government achievements through the reorganization of seven ministries. We hope for more achievements, such as the introduction of a new law which will reduce taxes to 20 percent. This will give more incentives to foreigners to invest in Saudi Arabia which will in turn lead to greater economic prosperity as a result.

Q: Do you think there is a contradiction between needing more Saudis in the labor market and encouraging more foreign investment?

A: There is no contradiction. Foreign investors are entrepreneurs. Getting foreign expertise by training Saudis to work will add to economic productivity and this is the purpose of Saudization. There are numerous qualified Saudi graduates but they need the experience, and when foreign employees come here, that will add to the local Saudi expertise.

Q: What lessons do you think we can learn from the Dubai experience, “from sand to silicon”?

A: Dubai has done a good job in such a short time because in terms of territory, it is very small. Saudi Arabia is much larger. There has been a lot of progress but more time is needed to reduce the number of unemployed Saudis. This will be resolved by more foreign investment and more Saudi and foreign entrepreneurs.

Q: Tell me more about your professional background?

A: I’m an auditor by profession and have been in the business for more than 42 years. I was licensed long ago in the Kingdom — my license was number one as a chartered accountant when the new law was applied. I’m a graduate of the American University in Beirut with a Masters in Business Administration. I hold an honorary doctorate in Business Administration from the International University in Austria. I started my working life as an auditor in Lebanon. After that, I was licensed in a number of Gulf countries. I came for Haj in 1965, liked it and managed to arrange things so that I could stay and work.

Q: What are your future goals?

A: I would like to see more accountants certified by the Association of Certified Accountants in Saudi Arabia and to have more Saudis working as certified accountants. At the moment there are about 180 in Saudi Arabia and in Lebanon there are 1600. We need more Saudi nationals to become qualified and licensed.

Q: What would you advise foreigners who want to come to Saudi Arabia and invest here?

A: There is no big difference between working in the Kingdom or working outside it. People of course need to follow local laws and practices and conform to what is socially acceptable.