RIYADH, 22 October — Senior British business executives, who had two days of discussions with Saudi officials here recently, have urged the Saudi authorities to speed up their plan to open up the country’s telecom, insurance and other service sectors.
The British executives, who represent 11 major companies, also emphasized the need to support small- and medium-scale projects and institutions in the service sector by providing consulting services to explain how they can better manage their projects.
Andrew Backston, adviser to Barclays and head of the British delegation, told Arab News that a number of British companies have expressed their desire to invest in the Kingdom’s telecom and insurance sectors.
He said Saudi Arabia has to take more measures toward liberalization of the telecom and insurance sectors and that he had heard that there were assurances about allowing foreign investment in mobile phone sector.
The British delegation met with Prince Abdullah ibn Faisal ibn Turki, governor of the General Investment Authority, officials at the ministries of finance and commerce, and senior businessmen.
The discussions underlined the importance of setting up small companies, which will contribute to reducing unemployment. The talks also focused on establishing infrastructure projects.
Economic statistics have showed that small-scale industries accommodated the largest number of British manpower during the past 20 years, Backston said.
“The Kingdom’s admission to the World Trade Organization will not limit prospects of setting up small projects,” he explained.
There is an agreement to hold a Saudi-British meeting in Riyadh on small-scale projects, he said, adding that no date had been fixed yet for the meeting. He said the next Saudi-British Business Council meeting would be held on April 28.
Backston said the Kingdom’s membership in the WTO would not harm the country’s specialties.
“There are no impossible conditions. There are only demands to liberate the economy from certain restrictions, especially those related to foreign investment in certain sectors,” he added.
“This will allow entry of competent firms and offer best choices to consumers. It will also reduce the end cost of products and improve the standard of services,” he pointed out.
According to Basil Muhammad Khair Al-Ghalayen, director-general of Al-Ghalayen Financial Consulting Center, the delegation included a representative of Marconi, whose specialization is telecommunications, and the political adviser to the chairman of British Petroleum, which recently won a major gas contract in the Kingdom.
Referring to the delegation’s meeting with Prince Abdullah ibn Faisal, Ghalayen said that the GIA chief spoke on the challenge being faced by Saudi Arabia to project itself as a safe place for investment following the recent smear campaign by the Western media.
