JEDDAH, 13 March 2003 — Crown Prince Abdullah, deputy premier and commander of the National Guard, yesterday urged Saudi businessmen to invest their funds in the Kingdom with confidence and said the emerging investment projects would benefit both investors and Saudi job seekers.
Speaking to reporters after inaugurating the first phase of an SR1.35 billion shrimp factory in Laith, Prince Abdullah called upon Saudis to prove their national spirit through acts not by words.
“They have to remove their doubts about the safety of their capital funds inside the country,” he added.
Prince Abdullah said the government will provide the necessary services to investors to facilitate their activities and safeguard their interests, including provision of soft loans.
“Every Saudi has the right to participate in the Kingdom’s development and I am confident that our businessmen will play an important role in taking our country to new heights of progress,” he added.
The crown prince earlier laid the foundation for the second phase of the shrimp factory, which is designed to produce 30,000 tons of shrimp annually. It has already exported more than 2,000 tons of shrimp to Japan, America, Australia, Singapore and China.
Prince Abdullah, accompanied by Prince Sultan, second deputy premier and minister of defense and aviation, and other dignitaries, toured the factory and inspected its facilities.
Agriculture Minister Dr. Abdullah Muammar said the new factory established by the National Shrimp Company would contribute to the Kingdom’s economy.
He said good prospects for investment in the Kingdom’s fisheries resources were abundant in the Red Sea and Arabian Gulf coastal waters.
Muammar described the shrimp factory in Laith as one of the largest such projects in the world.
“The output of the factory will reach 30,000 tons when the second phase is completed,” said Khaled Al-Rajhi, a member of the company’s board of directors.
He said the factory will export products worth SR1 billion annually, making the Kingdom one of the world’s largest exporters of shrimp. Last year it exported shrimp worth SR40 million.
