yusef
November 2nd, 2006, 05:32 AM
$4bn Chinese Project Planned for Kingdom
P.K. Abdul Ghafour, Arab News
JEDDAH, 2 November 2006 — A major Chinese industrial project with investments exceeding $4 billion will be established in the Kingdom shortly, according to Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA).
Al-Dabbagh said Sino-Saudi economic relations had received a tremendous boost following the landmark visit of Custodian of the Two Holy Mosques King Abdullah to Beijing. “A huge Chinese investment of $4 billion in the Kingdom’s industrial sector will be announced shortly,” the Saudi Press Agency quoted Dabbagh as telling a CEO conference in China.
He also spoke about SAGIA’s vision of economic city projects in the Kingdom’s regions, making use of the resources and advantages in each region and emphasized the strong position of Saudi Arabia being the largest economy in the Middle East, the energy capital of the world and a meeting point of the East and West.
“Many international companies have expressed their desire to invest in the Kingdom,” he told the conference attended by top executives of major companies and about 1,000 businessmen. “Saudi Arabia draws the largest foreign investment among Arab countries,” he pointed out.
Dabbagh said the Kingdom’s strategic sectors of energy, transport and knowledge-based industry (KBI) require investments worth $500 billion during the next 20 years, including $300 billion in energy and $100 billion each in transport and KBIs. He also highlighted the measures taken by the Saudi government to attract foreign investment.
He said SAGIA would coordinate with public and private sectors to strengthen the Kingdom’s favorable points and remove negative points to attract foreign investment. “Our 10x10 Program aims to put Saudi Arabia among the world’s Top 10 globally competitive investment destinations by 2010,” he added.
http://www.arabnews.com/?page=6§ion=0&article=83183&d=2&m=11&y=2006
P.K. Abdul Ghafour, Arab News
JEDDAH, 2 November 2006 — A major Chinese industrial project with investments exceeding $4 billion will be established in the Kingdom shortly, according to Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA).
Al-Dabbagh said Sino-Saudi economic relations had received a tremendous boost following the landmark visit of Custodian of the Two Holy Mosques King Abdullah to Beijing. “A huge Chinese investment of $4 billion in the Kingdom’s industrial sector will be announced shortly,” the Saudi Press Agency quoted Dabbagh as telling a CEO conference in China.
He also spoke about SAGIA’s vision of economic city projects in the Kingdom’s regions, making use of the resources and advantages in each region and emphasized the strong position of Saudi Arabia being the largest economy in the Middle East, the energy capital of the world and a meeting point of the East and West.
“Many international companies have expressed their desire to invest in the Kingdom,” he told the conference attended by top executives of major companies and about 1,000 businessmen. “Saudi Arabia draws the largest foreign investment among Arab countries,” he pointed out.
Dabbagh said the Kingdom’s strategic sectors of energy, transport and knowledge-based industry (KBI) require investments worth $500 billion during the next 20 years, including $300 billion in energy and $100 billion each in transport and KBIs. He also highlighted the measures taken by the Saudi government to attract foreign investment.
He said SAGIA would coordinate with public and private sectors to strengthen the Kingdom’s favorable points and remove negative points to attract foreign investment. “Our 10x10 Program aims to put Saudi Arabia among the world’s Top 10 globally competitive investment destinations by 2010,” he added.
http://www.arabnews.com/?page=6§ion=0&article=83183&d=2&m=11&y=2006