SR 7.5 bn Saudi-Polish company to open for business in 2013

SR 7.5 bn Saudi-Polish company to open for business in 2013
Updated 30 October 2012

SR 7.5 bn Saudi-Polish company to open for business in 2013

SR 7.5 bn Saudi-Polish company to open for business in 2013

A Saudi-Polish holding company will be launched in the first quarter of 2013 with an initial capital of $ 2 billion (SR 7.5 billion) during the first five years.
Company officials predicted to hit $ 30 billion in revenues during the next years of its inception, Board Chairman of the Saudi-Polish Business Council (SPBC), Yasir Al-Harbi, said.
The company is set to spur investment activity in Saudi Arabia and Poland through setting up joint service and industrial projects backed by the Polish technologies, Al-Harbi was quoted by Al-Sharq Al-Awsat newspaper as saying.
The SPBC, meanwhile, will explore investment opportunities that will, hopefully, absorb potentials of the proposed holding company and create more projects under its umbrella, he said.
A delegation from SPBC has recently concluded a visit to Poland and explored with their Polish counterparts investment opportunism in both countries.
Al-Harbi said the Saudi side in the talks was briefed on the investment opportunities in real estate in the two Polish cities of Elk and Olsztyn, particularly the technology park in Olsztyn, which is considered a free zone area for technological investments.
On the other hand, a Saudi-Polish company is expected to be announced with an initial capital of $ 250 million concerned with real estate investments in the eastern parts of Poland in addition to poultry projects with a view to maximizing Polish poultry exports to the Saudi market, he said.
During their recent visit to Warsaw, Saudi businessmen opened talks with the Polish side centered on investments, commerce, upgrading trade exchange, and the possibility of opening doors to Saudi businessmen to launch investment projects in Poland on different areas including petrochemicals, health, tourism, furniture, and accommodation.
They also met with Polish Investment Authority (PIA) officials who coordinated meetings with a number of Polish agriculturalists, industrialists and businessmen in different business areas, he said.
Based on the latest data, trade exchange between Saudi Arabia and Poland has been increasing steadily and stood at SR 2.38 billion ($ 630 million) in 2010 compared to SR 828 million ($ 220.7 million) in 2006.
The Custodian of the Two Holy Mosques King Abdullah paid a visit to Poland in 2007 where a series of agreements were signed between the two countries covering areas such as science and technology, commerce, vocational and technical training, health, and cooperation in combating crimes.
In April of the current year, Polish Premier Donald Tusk led a business delegation to the Kingdom including more than 100 representatives of the Polish companies which provided legal and official grounds for business ties between the two countries.