SINGAPORE, 11 April 2006 — Saudi Arabia and Singapore yesterday signed four bilateral accords, thus opening a new era in their relations. The accords were signed in the presence of Crown Prince Sultan, who arrived here earlier in the day to a grand welcome.
Singapore Prime Minister Lee Hsien Loong earlier received Prince Sultan at Istana Palace and discussed major regional and international issues and ways of strengthening bilateral cooperation.
Lee welcomed Sultan to the island nation, calling him a man of peace and a friend. “Sultan’s visit will be a major landmark in Saudi-Singapore relations and it will take our relations to greater heights.”
Lee underscored Saudi Arabia’s leading role in the Islamic world. “Saudi Arabia has strategic and economic importance. It stands with the international community in the promotion of world peace and stability,” he said, noting Riyadh’s efforts to resolve disputes between countries.
The agreements signed here were for the protection and promotion of investment; strengthening trade cooperation; enhancing political consultation between the two foreign ministries; and on general agreements between the chambers of commerce in both countries.
The accords were inked at 7.15 p.m. Singaporean time in the presence of both Prince Sultan and Premier Lee.
Political analysts here told Arab News that the royal visit would give Saudi-Singapore ties a big boost. Replying to why Singaporeans were not that close to Saudi Arabia, a former ambassador said, “It is important that Saudis show their face here. It will clear up a lot of misconceptions.”
Singapore Foreign Minister George Yong Boon Yeo said the royal visit would see not only the signing of accords but also discussions on issues such as terrorism and Middle East peace. Prince Sultan, who is on an Asian tour, arrived here from Hong Kong where he stayed three days after visiting Japan. Singapore Deputy Prime Minister professor S. Jayakumar, and Manpower Minister and Second Minister of Defense Dr. Ng Eng Hen greeted him at the airport.
Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA), and Saudi ambassadors to Singapore, the Philippines and Brunei, Dr. Muhammad Kurdi, Muhammad Ameen Wali and Essam Thaqafi, respectively, were also present at the airport to receive the crown prince.
Prince Sultan, the highest ranking Saudi official to visit Singapore, is accompanied by a high-level delegation including Prince Mishaal ibn Abdullah, supervisor of studies at the crown prince’s office, Prince Faisal ibn Sultan, secretary-general of the Sultan Charitable Foundation, Economy and Planning Minister Khaled Al-Gosaibi and State Minister for Foreign Affairs Dr. Nizar Madani.
Premier Lee expects a greater flow of investments from his country to Saudi Arabia, especially in projects such as the King Abdullah Economic City (KAEC) in Rabigh, located some 200 km northwest of Jeddah. SAGIA governor, Al-Dabbagh, invited Singapore to lend its IT experience in the running of KAEC’s business center.
He also wanted its banks to establish their presence in the city’s so-called Financial Island, which will be home to the world’s biggest financial institutions, including banks as well as investment and insurance companies.
Al-Dabbagh made this proposal when Singapore’s Minister Mentor Lee Kuan Yew visited SAGIA headquarters in Riyadh last month. Besides IT and banking, SAGIA is also scouting for Singapore’s cooperation in the management of KAEC’s 2.6-million square-meter new Millennium Seaport, which will be similar in size to the world’s top 10 ports.
According to Fahad Al-Sultan, secretary-general of the Council of Saudi Chambers of Commerce and Industry, the two sides are seeking to enhance the level of bilateral trade and investment.
“There is still room for growth in the bilateral relations since the two economies are complementary rather than competitive. There are many common interests between our two countries,” Al-Sultan pointed out.
Saudi Arabia and Singapore also want to increase their cooperation in higher education. The Kingdom intends to send some 500 students to the Southeast Asian nation for higher studies every year.
Ambassador Kurdi expressed his satisfaction over the crown prince’s historic visit to Singapore and said it would bolster bilateral ties. The two countries hold similar views on major regional and international issues, he pointed out.
