1996 News Story

Chamber of Commrce reports expansion of private sector

A senior official of Jeddah’s Chamber of Commerce and Industry (JCCI) has commended the major role of the Saudi private sector in the Kingdom’s economic growth and progress, stating that there are now more than 6,885 private companies with a total capital of about SR 108 billion (U.S. $ 28.8 billion), and 52 new joint stock companies with a total capital of just under SR 53 billion (U.S. $ 14 billion).  The aim of the Sixth Development Plan to build a strong, efficient and competitive private sector is therefore being achieved, with its confident and enthusiastic march ahead, and recent economic surveys bearing witness to its maturity, strength, cohesion and optimism.

It is in large part due to the activity of the private sector that the domestic economy has growth six-fold and now has liquid assets valued at more than SR 40 billion (U.S. S 10.7 billion), with huge investment made in the manufacture of convertible products in addition to an overall total capital investment in domestic industrial plants of more than SR 145 billion (U.S. $ 38.7 billion).  The official stated that the long-term goals for investment growth are extremely good.