LONDON, 2 November 2007 — Custodian of the Two Holy Mosques King Abdullah expressed his happiness at hosting thousands of Britons in the Kingdom and commended their valuable contribution to the Kingdom’s rapid development.
King Abdullah was speaking at a banquet given by the Lord Mayor of London John Stuttard on Wednesday night. He added that more than 5,000 Saudi students were studying at various British universities.
“These facts make us optimistic about the future of our economic relations, and I would like to take this opportunity to ask you to benefit from these great opportunities, which are available in the promising Saudi market, not only in the fields of import and export but also in the field of investment and joint projects — notably that pertaining to transference of technology,” said King Abdullah.
King Abdullah was welcomed to the banquet by the Lord Mayor of London, Duke of York Prince Andrew, and a number of princes and members of the British Royal family, the Saudi Press Agency reported yesterday. In his speech, the king said that the Saudi economy, the biggest in the Middle East, was characterized by its openness and freedom to import commodities, services and capital in a confident and stable manner under balanced financial and monetary systems.
“The Kingdom has striven to make its economy more attractive for international capital over the last decade, and this has increased following its accession to the World Trade Organization,” he said, adding that special efforts were being made to remove obstacles that have stood in the way of investors.
The king also underscored the role of the private sector in the growth of the Kingdom’s economy over the past 25 years.
He said Saudi Arabia was the biggest trade partner of Britain in the region, while Britain was the second biggest foreign investor in Saudi Arabia. “The two sides have benefited from the existence of this excellent relationship.”
The king also invited the mayor and British businessmen to visit Saudi Arabia to explore opportunities. The banquet was attended by King Abdullah’s accompanying delegation, a number of princes and members of the British Royal family, as well as senior British officials, businessmen and media persons.
In his welcome speech, the Lord Mayor of London hailed the Saudi role in maintaining the stability of the world economy by guaranteeing uninterrupted energy supplies and preserving fuel prices. The mayor lauded the king’s efforts to reform the Kingdom’s economy. “We do appreciate your efforts for reforming the Saudi economy and diversifying its resources,” he said.
The king later attended a reception organized at the Saudi embassy in London. The king urged participants, particularly students, to mention any problems they may be facing. He also urged them to study hard and achieve high grades.
On his arrival at the embassy, two children welcomed the king with bouquets of roses. In his welcome speech, the Kingdom’s Ambassador to Britain and Ireland Prince Nawaf ibn Muhammad said the embassy served all Saudis in Britain, particularly the 5,000 students studying at various universities in the country.
King Abdullah is on the first leg of his European tour, which will also take him to Germany, Italy and Turkey.
Meanwhile, the Saudi Arabian Supreme Commission for Tourism (SCT) and the British Museum signed a Memorandum of Understanding in London yesterday to enhance cooperation between the two countries in archeology.
The MOU stipulates that the two countries should cooperate in research, preservation of antiques, management of museums and promotion of cultural education in both countries. The agreement also stipulates the training of Saudis in handling and preserving archeological artifacts and the holding of joint exhibitions.
The agreement was signed by Abdul Aziz Salama, assistant undersecretary at the Saudi Ministry of Culture and Information, and Neil Macgregor, curator at the British Museum, the SPA reported yesterday.
