JEDDAH, 23 March 2004 — Custodian of the Two Holy Mosques King Fahd yesterday appointed Amr Al-Dabbagh, a prominent Jeddah businessman, chairman of the Saudi Arabian General Investment Authority (SAGIA).
Dabbagh replaces Prince Abdullah ibn Faisal ibn Turki, who was “relieved of his duties” at his request, a Royal Court statement said. Prince Abdullah told the AFP news agency he was bowing out to spend more time with his family.
“Amr ibn Abdullah Al-Dabbagh has been named head of SAGIA in the rank of a minister,” the king said in his decree. The appointment was made on the recommendation of Crown Prince Abdullah, deputy premier and commander of the National Guard.
Dabbagh chairs the Jeddah Marketing Board, and is president and chief executive officer of the Jeddah-based Dabbagh Group of Companies, which comprises 28 firms operating in 30 countries.
“I have spent 29 years in public service and I wanted to take time off to look after my family,” said Prince Abdullah, a former chairman of the Royal Commission for Jubail and Yanbu.
In his previous press statements, Prince Abdullah had urged authorities to open up major sectors to foreign investors and said government departments had to eliminate red tape and make way for privatization and reform.
Since its establishment in April 2000, SAGIA licensed some 2,000 projects worth more than $52 billion, in which the share of foreign investors totals 85 percent.
But the former chief argued this was by no means satisfactory in a market the size of Saudi Arabia.
The Saudi government endorsed a plan around a year and a half years ago to open up 20 vital sectors to local and foreign private investors.
The plan opened up telecommunications, water desalination, air transport, airport services, construction and management of highways, seaport services and local oil refineries to the private sector.
But sectors like oil exploration, security, retail and wholesale, education, and land and sea transport are among activities still barred to foreign investment.
Dabbagh, born in 1966, has a bachelor’s degree in business administration from the Harvard Business School. He is a member of the Supreme Economic Council’s consultative body.
In 2001, he was reappointed member of the Makkah Provicial Council for a four-year second term. He was also elected member of the Jeddah Chamber of Commerce and Industry Board.
Another royal decree issued yesterday appointed Dr. Nasser ibn Muhammad Al-Salloum secretary-general of the recently established Commission for the Development of Makkah, Madinah and the holy sites.
