MADINAH, 15 February 2007 — Several American businessmen have expressed their interest to develop various business projects in Madinah in a recent visit to the Madinah Chamber of Commerce and Industry (MCCI).
Basem Al-Hasemi, a high-ranking official at the US consulate in Jeddah, led the US side. The US team met with MCCI Chairman Saleh Al-Sahaimi and members of the chamber.
Businessmen from both sides were keen on developing commercial and investment relations between the two countries.
Al-Sahaimi said there are plenty of investment potentials in the city and other areas in Madinah. Mahd Al-Dhahab and Al-Hanakiya are rich in mineral resources and Khaybar and Al-Ola offer plenty of tourist potentials. Yanbu is a hub of petrochemical industries, he pointed out
Yanbu, with its two industrial cities and a seaport, is home to SR46 billion worth industries. The city also provides all facilities for industrial investors, the MCCI chairman added.
In and around Madinah, there are 147 industrial units with SR1billion worth of investments. The 10-million square meter Madinah Industrial City provides favorable infrastructure, including 3.3-million square meters of asphalted roads and easy electricity connections. There is a single-window facility to help investors in the industrial city.
Al-Sahaimi estimated investments in the historical city of Madinah at SR25 billion — with its printing complex, institute for technological studies, center for the study of Islamic civilization, banks, souks and stock market offices apart from the museum of Islamic history.
The Prince Muhammad International Airport, which can handle 10 million passengers annually, will soon be developed, Al-Molhem said. The railway project connecting Madinah with Jeddah, Makkah and Yanbu will materialize in the near future, he added.
A representative of the Saudi Arabian Investment Authority, Saleh Abbas, who also attended the meeting, explained the incentives provided by the government to foreign investors.