JEDDAH, 6 June 2005 — Saudi Arabian General Investment Authority (SAGIA) Governor Amr Abdullah Al-Dabbagh has showcased investment opportunities exceeding $500 billion in areas like energy, transportation and knowledge-based industry sectors across Saudi Arabia.
He identified investment areas during a series of high-level meetings he held with key French government economic leaders, potential corporate investors and a forum of French businessmen during a short stopover in Paris on his way back to the Kingdom after wrapping up a US business trip.
Al-Dabbagh met with Clara Gaymard, ambassador and special representative of France for international investment, and president of the Invest in France Agency. The two sides exchanged views on a wide range of issues and discussed mutual areas of cooperation to enhance the bilateral investment flow between the two countries. The governor also accentuated the necessity for increased cooperation by both parties to best serve investor needs from both countries. Composed of a network of 22 foreign branches with 75 business advisors in North America, Asia, and Europe, Invest in France offers support to investors while keeping them abreast of evolving legal, fiscal and social environment issues in markets of interest.
In line with SAGIA’s new investment strategy that aims to match investor profiles with targeted opportunities, the governor also held one-to-one meetings with French investors from the energy sector, Air Liquide and Veolia Water. Air Liquide’s senior executive team spoke to the governor about Saudi Arabia’s investment objectives. Highlighting positive developments, Al-Dabbagh cited the Kingdom’s commitment to creating a pro-business environment as well as SAGIA’s commitment to serving the investor well through measures such as streamlining business start-up procedures in the country.
Air Liquide, the world leader in industrial and medical gases and related services, is listed on the Paris Stock Exchange and a component of the CAC 40 and Eurostoxx 50 indices.
Boasting a net profit of 778 million Euros in 2004, Air Liquide remains the leading supplier of gases such as Oxygen, Nitrogen and Carbon Dioxide to various industries ranging from industrial customers to healthcare and electronics.
Topping the governor’s meeting agenda with the CEO and senior team of Veolia Water were opportunities in the energy sub-sector of power and water generation. Veolia Water is the water division of Veolia Environnement and its activities focus on the essential priorities of safeguarding public health by providing a clean water supply, conserving resources and protecting the natural environment.
With 2004 revenues at 9.8 billion euros, the group is already international with more than two-thirds of its human resource based outside France and revenue symmetrically distributed between France and the rest of the world. Following Veolia Water’s recent acquisition of 49 percent of Metito Arabia Industries — the water treatment company in Saudi Arabia — the Ministry of Water and Electricity signed a contract for comprehensive review with Veolia Water in May 2005 to evaluate the water and sewerage sector in Riyadh.
At an Arab-French Chamber of Commerce dinner reception held in his honor, the governor addressed more than 90 decision makers from the industrial, business and diplomatic sectors.
His address focused on SAGIA as an example of the increased transparency the Saudi government is bringing to its processes, and the efficiencies in operations the government is instituting to meet the needs of the business community, all the while protecting the public interest.