RIYADH — An investment protection agreement endorsed by the Kingdom and Austria a few months ago will come into effect on July 25 this year.
This was announced by Austrian Ambassador Dr. Harald Wiesner here today. Austria, Dr. Wiesner said, was among the few countries with whom the Kingdom has signed this agreement.
The diplomat said the implementation of the accord would greatly help to promote investment relations. Some Saudi nationals have millions of dollars invested in Austria, especially in the tourism sector. In turn, a number of Austrian companies have a direct or indirect presence in the Saudi market. The implementation of the agreement will safeguard the interests of Saudi and Austrian investors, he said.
Austrian firm Voest Alpine Industrieanlagenbau (VAI) has set up a $900 million flat steel plant in Jubail. Vienna, which has also set up some seven cable car projects in the Kingdom, has also been exporting a range of other goods including firefighting trucks for Saudi airports.
Dr. Wiesner said his talks with Osama Faqeeh, chief of the General Auditing Bureau of Saudi Arabia, this week had focused on Saudi interest in cooperation in the audit and accounts sector.
An exclusive training program for Saudi auditors and accountants will be designed by Austrian experts. These experts will be deputed in the Kingdom by the Austrian Court of Audit, a federal body mainly entrusted with the task of examining the accounts of the state.
Asked about plans to conduct a joint study of the 282 volumes of rare Arabic manuscripts discovered by the Vienna National Library, he said that Riyadh Governor Prince Salman has already been contacted by the Austrian side seeking his support for the project. He said that the preservation and study of the manuscripts would shed new light on the history and heritage of Saudi Arabia.
The ambassador said a college of tourism would be set up in Saudi Arabia with the help of Austrian expertise. This project will help train Saudi youngsters in the hospitality industry. He said Riyadh and Vienna have agreed to start operating direct flights from next year.
