RIYADH, 11 March 2007 — The Governor of Saudi Arabian General Investment Authority (SAGIA) Amr Al-Dabbagh discussed with the Duke of York Prince Andrew on Wednesday ways to increase British participation in the growing and opportunity-laden Saudi economy.
The British royal, who had concluded a brief trip to the Kingdom, met with the governor during his visit.
According to Al-Dabbagh, in 2005, the UK only accounted for 3.7 percent of the total value of investment licenses issued by SAGIA, whereas in 2006 the number dropped even lower to 3.5 percent.
Both agreed that the numbers were an indication that the British private sector was failing to capitalize on the many areas of synergy the two countries have in common. They also agreed that the British private sector was failing to move into specific areas where the Kingdom was in need and the UK was strong, especially in knowledge-based industries (KBIs).
“The UK is known for its expertise in many knowledge-based industries and our strategy is paying particular attention to these industries now, especially health care, education, life sciences and ICT,” Al-Dabbagh said.
“We both stand to gain considerably from increasing cooperation in these areas. We stand to benefit from established UK technology and expertise and they stand to benefit from a sizeable home market and enormous regional market, an ideal location as a gateway to the Far East,” he continued.
Prince Andrew expressed his admiration of the focused strategies of SAGIA’s vision and agreed that KBIs, Energy and Transportation were logical growth areas for Saudi Arabia.
Al-Dabbagh informed him of the 4 new economic cities launched by SAGIA in 2005/2006 and the ultimate impact they and SAGIA’s other new economic cities will have on the country by 2020: a contribution of $150 billion to the GDP.
He also said that the new economic cities launched by the Kingdom would offer job opportunities to 1.3 million people, the ultimate living environment for 4.5 million people, and an increase in the GDP per capital from $13,000 to $33,500.
Prince Andrew said he was willing to play a role in boosting economic cooperation between the two countries by highlighting investment opportunities in the Kingdom upon his return to the UK, including facilitating the work of SAGIA/UK, as well as SAGIA’s office in London.
Al-Dabbagh and Prince Andrew agreed to set up a dedicated team on either side, equipped with clear objectives, timeframes and milestones so that no opportunity would be lost. Prince Andrew also invited Al-Dabbagh to visit him in London in order to continue the discussion and take things to the next level.
