The forum, titled "Saudi Investor Window 2010," is showcasing how Islamic finance could become a solution to the world financial crisis, said the event’s organizers.
"Increasingly, Western and Asian governments and business leaders are turning to Islamic finance to provide financing for major international projects in response to the global credit freeze," said Tahar Benourrad, chairman of London-based UCI International.
UCI International has co-organized the forum along with the Saudi-based Islamic International Foundation for Economics & Finance (IIFEF) and Motamarat.
Yusuf bin Abdullah Al-Zamil, a board member of IIFEF, welcomed participants and described IIFEF’s important role in economy and finance. "The main objective of this forum is to bring together European and other international companies whose goal is investment opportunities and business knowledge to present to Saudi investors," he told participants.
He said that the Kingdom has become a very attractive destination for investors from the US, France, Spain, Ukraine and Kazakhstan, and that they could infuse capital in various sectors such as healthcare, education, real estate, petrochemicals, gas and plastics, which have been giving good returns on investments.
He said that local entrepreneurs are willing to go into partnerships and joint ventures with foreign counterparts. He added that the Kingdom has favorable conditions that are necessary in investment, such as "government stability, liquidity, human resources and good weather."
Fahad S. Al-Sultan, secretary general of the Council of Saudi Chambers of Commerce and Industry (CSCCI), which has expressed support for the forum, welcomed participants, saying that Saudi investors are willing to embark on a partnership with foreign counterparts.
Ahmed Al-Khateeb, managing director and CEO of Jadwa Investment, also spoke on the occasion, telling investors that Saudi nationals need jobs and ventures with bright prospects.
Giving advice to businessmen seeking money from Saudi investors, he said that they must not only have representatives in Saudi Arabia. "They should also set up offices in the Kingdom," he said.
Hadi Damirji, managing director of the UK-based Trinity Group Limited, said foreign investors are interested in stable governments, laws that protect investment and investors, and business ventures that are Shariah-compliant. "In other words, they are looking for long-term relationships," he said.
Khaled Al-Aboodi, CEO and general manager of Islamic Corporation for the Development of Private Sector, a member of the Islamic Development Bank Group , added that "people seeking money from the Kingdom should also put skin in the game." That means, he said, they should be also willing to take risks in the business.
The forum ends on Thursday with workshops on "Horizons of Foreign Investment in Saudi Arabia," "Islamic Finance," and "Islamic Cores." It starts at 9 a.m. and ends at 10:20 a.m.
