2003 News Story

SAGIA Governor speaks on Saudi economy at symposium in Dubai

Governor of the Saudi Arabian General Investment Authority (SAGIA) Prince Abdullah bin Faisal bin Turki told an international symposium in Dubai today that the investment climate in the Kingdom has become more attractive to investors, both local and foreign, since the issuance of the Foreign Investment Law and the establishment of SAGIA. The Saudi market, he said, has the advantages of a strong and stable financial system with low inflation, a unique geographical location, and political and security stability. He outlined the incentives for foreign investors, including privileges equal to those granted Saudi investors, ability to obtain industrial loans, free transfer of capital and profit, and ownership of commercial and residential real estate. Since its establishment, SAGIA has granted over 2,000 licenses for investment projects worth U.S. $15 billion. The volume of investments in the Kingdom over the coming 20 years is expected to exceed one trillion U.S. dollars in a wide range of fields, including electricity generation, water desalination, and exploitation of minerals, as well as agriculture, railways, tourism, and information technology. The symposium, on investment opportunities in Saudi Arabia, was held on the fringes of the joint meetings of the International Monetary Fund and the World Bank Group currently in progress in Dubai. Also speaking at the symposium were Minister of Finance Dr. Ibrahim Al-Assaf; Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari; Chairman of the Saudi Railways Organization (SRO) Khalid Yahya; Chairman of the Saudi Exports Promotion Center Dr. Abdulrahman Al-Zamil; and Director-General of the Saudi Exports Program Dr. Ibrahim Al-Mifleh.

Meanwhile, it was announced that the British magazine 'Euro Money' has awarded Finance Minister Dr. Al-Assaf, the Finance Minister, the prize of finance minister for FY 2003