1999 News Story

Industrialists' Convention Opens In Riyadh

In Riyadh today Minister of Electricity and Industry Dr. Hashim Ibn Abdullah Yamani opened the Sixth Convention of Industrialists, organized by the Riyadh Chamber of Commerce and Industry. In an address to the meeting, Dr. Yamani praised the encouragement being extended to the industrial sector by the government of Custodian of the Two Holy Mosques, his Crown Prince, and the Second Deputy Prime Minister. Industrial investments, he reported, now stand at over SR 231 billion (U.S. $ 61.6 billion), and the contribution of the industrial sector to the Gross National Product reached 9.5 percent in the fiscal year of 1417/1418 H [1997]. During that year, the industrial sector grew by almost ten percent, and realized a high level of self-sufficiency in commodities and products. Dr. Yamani called on businessmen and industrialists to work for product quality and lower production costs in order to enjoy competitive advantages in international markets, expressing the hope that the current convention would contribute to this.