DAMMAM, 8 May 2005 — A series of new rules and regulations will be issued shortly to facilitate business activities in the Kingdom, Eastern Province Governor Prince Mohammad ibn Fahd said yesterday.
Inaugurating a forum on mega projects organized by the Eastern Province Chamber of Commerce and Industry (EPCCI), the governor emphasized the growing strength of Saudi economy.
“Some foreign newspapers predicted the collapse of the Saudi economy two years ago, but what happened was just the opposite,” he told more than 900 Saudi and foreign businessmen taking part in the event.
“The Saudi economy proved its resilience when certain evil forces tried to undermine the country’s stability and security in the recent past,” he said in reference to a series of terrorist attacks carried out by Al-Qaeda militants in 2003-2004.
The governor emphasized the role of small- and medium-scale industries in boosting the economy. He explained how Saudi Arabia is fast growing into a favorite venue for investors.
“Saudi Arabian economy is strong, tough and growing in the right direction,” he added. Prince Muhammad expressed his desire to see Saudi companies progress and compete internationally with the best in the world. “The forum reflects the growing role of the Eastern Province as the capital of Gulf industries,” he said.
The governor’s keynote address also dealt with the huge investment opportunities in Saudi Arabia, especially in oil, gas and mining sectors. Saudi Aramco alone has new projects worth SR50 billion, he said.
Prince Saud ibn Thunayan, chairman of the Royal Commission, emphasized the need to set out strategic plans to make use of the huge liquidity available in the local market by creating large-scale investment channels to establish industrial, educational and service projects.
“It is my strong belief that no other area shows the magnitude and the speed of the change we are passing through better than the field of energy and the associated investments being carried out to develop oil and gas resources,” he said.
He touched upon Saudi Aramco’s strategic direction, which he said, “was based on three vital and well-meshed dimensions, namely the global, the national and the commercial dimension.”
Abdul Rahman Al-Rashid, chairman of EPCCI, welcomed guests and delegates and highlighted the significance of the forum.
“This conference has many strategic national and international dimensions, its main view is the concept of partnership between national and international investors, to attract international technologies and boost the national economy,” he said.
Abdallah Jum’ah, president and CEO of Saudi Aramco, stressed the importance of strategic planning, saying it is the key to success of all productive projects and driver of national development march to survive and confront global challenges.
He also touched upon the “Golden Triangle of development: Aramco, the Royal Commission for Jubail and Yanbu and SABIC.” The contribution of the Royal Commission to GDP is nearly 7 percent. It also represents 60 percent of the domestic industrial product.
The twin industrial cities account for 7.6 percent of the fixed capital and export 70 percent of the gross Saudi industrial exports. They also represent 85 percent of the total non-oil exports, he added.
