RIYADH, 29 September 2003 — The four-day Top 100 GCC Companies Conference-cum-Exhibition got under way yesterday with a call to the private sector in the Gulf Cooperation Council states to forge a united front against challenges but without compromising their cultural values.
Riyadh Governor Prince Salman inaugurated the conference on behalf of Crown Prince Abdullah, deputy premier and commander of the National Guard, at the King Fahd Cultural Center here. Earlier, he opened the exhibition featuring the products and services of 45 GCC companies.
Some 85 participants from all over the Gulf states are attending the conference, which will discuss such topics as the investment climate in the GCC, the future of oil and gas in the current environment, the inter-relationship between culture and economics and privatization.
The annual sales of the top 100 Gulf companies stand at SR355 billion, while their cumulative fixed assets are valued at SR1.8 trillion. These top Gulf companies have been evaluated on the basis of their annual sales, turnover, profit, fixed assets and capital.
The conference has been sponsored by the Saudi Arabian General Investment Authority and organized by the Riyadh-based International Middle East Information Center. Both Prince Abdullah ibn Faisal, chairman of SAGIA, and Dr. Ibrahim Al-Awaji, chairman of the organizing committee and president of the Al-Awaji Holding Group, were on hand to welcome Prince Salman on his arrival.
The Saudi Electricity Company and the Water and Electricity Company will present 21 projects requiring SR48 billion in investments at the conference today, according to Water and Electricity Minister Dr. Ghazi Al-Gosaibi.
In a press statement, the minister yesterday said the two companies would provide information about projects in the areas of power generation and distribution, and water desalination.
Dr. Al-Gosaibi also announced government plan to privatize sectors of power generation and distribution and water desalination in the future. “Privatization is a strategic choice and there will be no backing down from it,” he said.
