‘Saudi investment climate attractive’

LONDON: Baroness Symons, former British secretary of state for Middle East affairs, has commended Saudi Arabia’s investment atmosphere. She said the Kingdom has achieved high economic growth rate despite global financial crisis.

“Saudi Arabia holds the No. 1 position among the Middle Eastern countries, in terms of attracting foreign investment,” she told a conference to promote British trade and investment in Saudi Arabia, whichi is organized by the Middle East Association, with support from UK Trade and Investment and the British Offset Office.

Symons, who is the chairperson of the Saudi-British Trade Council, estimated the number of British citizens visiting Saudi Arabia for trade and pilgrimage annually at about 100,000. “Saudi Arabia is an oasis of security and stability as a result of the wise policies adopted by its leadership,” the baroness said.

Speakers included Sir Alan Munro, former British Ambassador to the Kingdom, and senior representatives from SABB, Saudi Aramco, Maaden and other key Saudi and British private-sector companies.

This is the sixth such annual conference focusing on trade between Saudi Arabia and the UK. Last year, more than 250 delegates attended the conference.

The Middle East Association also leads two multisector trade missions to Saudi Arabia every year, a clear indication of the strength of trade between the two Kingdoms.