JEDDAH: There is as yet no adverse impact of the world financial crisis on Saudi Arabia, Jeddah Chamber of Commerce and Industry Chairman Saleh Al-Turki said yesterday.
“The percentage of foreign investment in Saudi banks does not exceed 12 percent and overseas Saudi investments do not exceed six percent.
These figures indicate that overall monetary activities and investments are concentrated in the domestic sector,” Al-Turki said, adding that necessary measures are being taken by the Saudi Arabian Monetary Agency (SAMA) to protect the Kingdom’s monetary system.
Ali H. Alireza of Haji Hussein Alireza Co. and head of the chamber’s automotive committee, refuted reports claming a decrease in automotive prices in Saudi Arabia due to the global crisis.
Muhammad Hassan Al-Nafie, chairman of the committee for financial papers, said the strong monetary system in the Kingdom and elsewhere in the Gulf was the reason why the global recession had not affected the region.
A large number of businessmen were present at the meeting, which had evoked tremendous interest in the context of the global financial crisis.
Some businessmen posed questions related to the number of multinationals declaring their bankruptcy, as well as how the declining oil will further aggravate the recessionary trends worldwide.
