JEDDAH, 11 April 2006 — Amr Al-Dabbagh, the governor of Saudi Arabian General Investment Authority (SAGIA), signed a cooperation agreement earlier this month with Amar Zahid, Tetra Pak Saudi Arabia managing director in Jeddah. The understanding will promote investments for Tetra Pak in Saudi Arabia. The signing took place at the Tetra Pak factory in south Jeddah and is intended to help the company enhance its business activities in the Kingdom.
The agreement is part of SAGIA’s efforts to attract more foreign investors and to bring the Kingdom in line with the regulations of the WTO to which Saudi Arabia recently acceded. Over the last two years, rules on foreign investment and ownership have eased in the Kingdom with foreign investors attracted by the huge cash liquidity brought about in the main by increased oil prices.
Tetra Pak, firmly established in the Kingdom for over half a century, is the inventor and world leader in aseptic packaging technology and exports a substantial proportion of its production throughout the Middle East from its Jeddah base.
A delegation from SAGIA, led by Al-Dabbagh, visited Tetra Pak premises in Jeddah where they made a tour of inspection of the world class packaging factory. Amar Zahid made a presentation outlining the history of the company and its 50-year presence in the Kingdom detailing both its considerable successes and future expansion plans of its operations. “Tetra Pak would like to thank SAGIA for its cooperation which helps international companies to operate smoothly in the Kingdom,” said Zahid. “This positive attitude from government organizations will surely enhance and boost foreign investments in Saudi Arabia leveraging the Kingdom’s competitive advantages.”
Commenting on the event Al-Dabbagh thanked Tetra Pak for giving SAGIA the opportunity to help and support to enhance its businesses in Saudi Arabia.
“SAGIA’s strategy focuses on helping the private sector and improve and accelerate the services it provides for Saudi and foreign investors and coordinate with the relevant government administrations to establish an investment environment that attracts capital and investors,” Al-Dabbagh said.
The visit to the Tetra Pak facilities, said Al Dabbagh, highlighted the importance of cooperation between a private sector and SAGIA. It was of mutual benefit to work together as a team to remove the obstacles that have stood in the way of investment and instilled the spirit of positive cooperation between the two.
At the end of the visit, both parties signed the agreement of cooperation that will set the scene for future expansion and as an example will also help to attract other companies to invest in Saudi Arabia.