JEDDAH, 24 April — In his continuing efforts to boost foreign investment in Saudi Arabia, Prince Abdullah ibn Faisal Al-Turki, governor of the General Investment Authority, will conduct two seminars in Brussels and Amsterdam.
In a telephone interview with the Arab News, the governor said since the introduction of the Foreign Investment Law, “we at GIA feel that there is a great need to tell people about the GIA’s — and the Saudi government’s — policies. It is of great importance to us to inform outsiders of the progress and what is happening on the Saudi investment scene.”
He continued and spoke about the upcoming trips. “They were planned a long time ago and will be sources of information until we have our own promotion sector. We choose countries which are major trading partners of Saudi Arabia, and have potential in the Saudi market,” he said.
Olivier Quinaux, deputy head of the Belgian Mission in the Kingdom, agreed with the prince’s statements. He told Arab News that these seminars will give medium- and small-size businesses the chance to evaluate the climate in Saudi Arabia. “For big business groups who have bases here, it will be an opportunity to talk about their experiences,” he said.
The Brussels seminar is the fruit of efforts of the Arab-Belgian Luxembourg Business Group, a non-governmental organization. It is expected to attract some 60 Belgian businessmen. Exports from Belgium to the Kingdom are mainly chemicals, machinery, textiles and transport equipment.
Saudi Arabia exports oil as well as chemicals and mineral products to Belgium. The trade balance remains clearly in favor of Saudi Arabia with SR2 billion.
“We have not so far complained because the Belgian government believes that it lies in the interest and duties of companies to widen business ties. The seminar could not have come at a better time,” said Quinaux, referring to the treaty signed on Sunday on the protection and encouragement of joint investments between Saudi Arabia and Belgium.
On the Dutch side, Axel Knospe, business development manager of Royal Dutch Shell, said his company hopes to attract many companies in the energy business to provide support for Shell’s business in the Kingdom. Shell is one of the world’s largest energy companies and is ready to take advantage of major opportunities in the Kingdom.
The seminar in Amsterdam, scheduled for Thursday, will address various business interests. According to Knospe, it will focus on the investment climate in the Kingdom and the creation of further business opportunities for Dutch investors.
Attendees from the Saudi side will include Taimur Ali Reza, member of the board of directors in a number of private companies, and representatives from the Saudi Hollandi Bank.
Prince Abdullah said that there was a great need to meet the interests of the global economy and shorten the negative list for foreign investment in Saudi Arabia. The Negative List, published on Feb. 12, 2001, is under revision. “The list will be reviewed every year. Our surveys include the public and private sectors. Their findings help us to evaluate the current situation and the investment climate.”
The GIA is aware that “to have a vibrant economy, we need to benefit from the experience of the international market. This is one way to provide comprehensive services and a complete market policy. For that, we have to open up.”
