JEDDAH: Lebanon will offer privileged investment facilities to Saudi investors and set up a committee to determine the losses suffered by Saudi investors during political and security crises over the past few years, Lebanese President Michel Suleiman, who is currently visiting the Kingdom, said in a meeting with Saudi businessmen at the Jeddah Chamber of Commerce and Industry yesterday.
Saudi Minister of Commerce and Industry Abdullah Zainal Alireza also attended the meeting.
The attractive offers to Saudi investors included a package of guarantees, tax exemptions and free transfer of money besides investor friendly regulations.
“Despite the difficult times it has been through, Lebanon has maintained most of its economic potential without suffering any major setback. For instance, its banking sector has stabilized and the real estate (market) is booming,” Suleiman said in his address.
Urging the Saudi businessmen to take their investments to his country, the president said, “the investment environment under Lebanon’s new regulations offers vast freedom, tax exemption and other favorable treatment that are undoubtedly better than in any other country. The security situation and political stability have also normalized.”
The visiting president affirmed that the ongoing international economic meltdown did not create any crisis in the Lebanese economy.
Addressing the gathering, Abdullah Zainal Alireza said Saudi investment regulations do not distinguish between Saudi and non-Saudi investors.
Alireza said that both Saudi Arabia and Lebanon should strive together to enhance the volume of their mutual trade. The balance of trade between the two countries grew from SR981 million in 2000 to SR1.9 billion in 2007, the minister added.
“However, the present volume of mutual trade does not match the enormous potentials available for both the countries,” the minister noted.
Abdul Mohsen Al-Hokair, chairman of the Saudi Lebanese Business Council, said the meeting aimed at boosting the growing economic ties between the two countries. He thanked the top officials in both the countries for striving to remove all the obstacles in their mutual investment programs.