RIYADH: Saudi Arabia, where lending by banks and financial institutions continues routinely without any stimulus package, has been identified as one of the least affected countries in terms of the impact of global recession. The current year is going to be another “great year” in terms of investment flows to the Kingdom despite the shaky global economy, predicted Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA), here on Saturday.
SAGIA has profiled and presented more than “$600 billion worth of opportunities in different sectors, especially in energy, transportation and knowledge-based industries”, to its targeted partners and countries, said SAGIA chief Al-Dabbagh, after felicitating SAGIA’s business and media partners. The governor presented certificates of appreciation to SAGIA’s partners, who contributed to the success of the Global Competitiveness Forum (GCF), organized here early this year.
Asked about the outcome of his recent global tour, which took him to several countries including the United States, Europe, Japan and South Korea on a mission to promote investment relations, Al-Dabbagh said, “We have succeeded in attracting the attention of our target audience.” The SAGIA chief noted that the Kingdom ranked among the top countries in terms of offering best investment environment throughout the Middle East and the Arab world, according to the World Bank’s “Doing Business Report 2008.”
Asked about foreign direct investment flows during the first half of this year, Al-Dabbagh said “We have not yet audited the first quarter results. But, we expect that the 2009 will be yet another great year for FDI flows in Saudi Arabia. The Kingdom, he said, “is one of the least affected economies today with better governing banking regulatory framework, maintaining the flow of debt, finance and project finance. And these are key components that investors are looking for in this era of global economic slowdown.”
Hence, our mission of international tour was to inform investors that the debt flow and project finance are still healthy in Saudi Arabia, said the SAGIA chief, adding that there are great opportunities in the Kingdom today. Saudi Arabia ranked 23rd out of 178 countries in the 2008 as per the World Bank report vis-a-vis 38th in 2007 and 67th out of 135 countries in 2005. Similarly, the Kingdom figured among the top 10 countries in the world in terms of economic reforms between 2006 and 2007, according to the World Bank.
