JEDDAH, 22 March 2008 — Dr. Abdullah Al-Saihati, chairman of Saihati Group, has called for the de-pegging of Saudi riyal from the weakening US dollar, saying it was essential to curb increasing inflation in the Kingdom.
“De-pegging will solve many problems including inflation,” he said, adding that people have lost confidence in the US dollar. He stressed the need to increase salaries of public and private sector employees to offset the financial burden caused by inflation.
Al-Saihati, a leading businessman in the Eastern Province, was speaking to Arab News after visiting the new Jeddah office of the Dammam-based Saudi Engineering Group International (SEGI), an affiliate of Saihati Group.
Al-Saihati, a stakeholder in Tamimi & Saihati Transport Company and Sofcon, said both the companies would go public within two years. The initial public offerings, he said, would create more funds for expansion projects and open new investment channels for Saudis.
The opening of SEGI’s office in Jeddah indicates the group’s intent to expand its activities in the Western region. Al-Saihati said the move was aimed at tapping the growing business opportunities in the area.
“Our company is capable of carrying out big projects,” said Al-Saihati, a graduate of King Fahd University of Petroleum and Minerals. SEGI is involved in three power projects at King Abdullah University of Science & Technology in Thuwal, near Jeddah.
“Quality and perfection are the hallmarks of our work and we complete projects on time,” Al-Saihati said and reiterated his group’s support to the government’s development projects. The firm has appointed a business development group to explore new opportunities in Jeddah, Rabigh and other neighboring areas.
“Our company offers international consultancy services with the support of well-qualified and efficient engineers and other professionals,” said Rafeek Younus, general manager of SEGI, which has 30 years experience.
SEGI offers its services to hydrocarbons, petrochemicals, power generation, transmission & distribution, water resource development & management, communication engineering and commercial projects.
SEGI has opened an office in Kerala to provide consultancy and management services to power projects in India. “There are a lot of opportunities in India. We have got several offers and we are studying them,” said Younus, who played a significant role in the setting up of the SEGI’s office in Kerala.
