MANAMA, 7 March 2008 — Saudi Arabia is set to become one of the top 10 world destinations in the area of investment competitiveness in less than three years or by 2010.
In this regard, Saudi Arabia’s new government procurement law is seen as a pioneer step toward achieving the $283 billion infrastructure development projects target in next three years conceived by Saudi Arabian General Investment Authority (SAGIA), Standard Chartered in a report said.
The report titled “The Guide to Working Capital Management 2008/2009” for Asia, Africa and Middle East was launched in Bahrain at an event held at Ritz-Carlton Hotel and Spa and addressed by the CEO Martin Fish, chief executive officer, Standard Chartered Bank Bahrain. Present were Hussein Shirazie, head of transaction banking, and Vivek Uberoi, head of client relations at the bank.
Explaining the new law initiative report said: “It is possible that the new law and the regulations are driven by the Saudi government’s ambition to make the Kingdom’s investment environment more hospitable and to help achieve its objectives.
Guide shares industry best practice and critical insights for business success in Asia, Africa and the Middle East.
The book is the second edition in a series, looking at topics ranging from technology, security, electronic delivery channels and Basel compliance.
In addition, the guide also carries articles examining China’s relationships with Africa and the Middle East and the opportunities and issues within these major trade corridors. This second edition has now also been expanded to cover Central and South Asia with specific analysis on Pakistan, Bangladesh and Sri Lanka.
Standard Chartered Bank is well placed to share these insights. The bank has been doing business in the Asian, African and Middle East markets for over 150 years.
The bank is recognized in these regions as being one of the oldest international banks with an extensive domestic presence as well as cross border network, all focused on providing the best services for clients, for and in these regions.
Martin Fish said: “Standard Chartered Bahrain is for the first time launching the Working Capital Management Guide in Bahrain. The guide is a testament to Standard Chartered’s commitment to the continuing economic success for Asia, Africa and the Middle East in decades to come, which reflects in the Bank’s unique network & footprint across Asia, Africa & the Middle East. As the demand for international trade continues to grow in Bahrain, Standard Chartered’s established presence in Asia, Africa and the Middle East makes the Bank ideally placed to offer advice and support to organizations operating in these areas. We are the right partner, leading by example.”
He further said, “With the challenges brought about by the credit crunch and global economic outlook, corporates are facing greater challenges in meeting their financing goals in relation to their overseas operations and supply chain finance. We believe the publication of this Working Capital Management Guide will help companies better understand the business and regulatory environment in Asia, Africa and the Middle East, putting them in a stronger position to not only navigate these challenging times but also find solutions to optimize their business operations.
“Standard Chartered is a forerunner in Supply Chain Management and has strong expertise and networks in the emerging markets of Asia, Africa and the Middle East. Coupled with our depth of knowledge and our longevity across these key emerging markets, we are therefore truly well-positioned to offer our expertise and guidance in this area.”
