Saudi Arabia has succeeded in securing a healthy economic position in the Middle East, said Prince Turki Al-Faisal, Chairman of King Faisal Center for Islamic Research and Studies.
Prince Turki expects the Kingdom’s Gross Domestic Product (GDP) to increase by 7.5 percent this year.
Speaking at the conclusion of a forum on political and economic development and investment opportunities in Saudi Arabia, where 500 Saudi and French businessmen and officials were present, Prince Turki said Saudi Arabia constantly seeks to improve the economic productivity and reinvesting the revenue to support the various development programs, according to "Saudi Gazette” newspaper.
The forum was organized by the Arab-French Chambers of Commerce in Paris.
Forum participants agreed that the Kingdom has an attractive investment environment, making it one of the most competitive economies conducive for investment.
The Kingdom boasts of being the largest Arab economy, 16th globally, third in the world in terms of receiving foreign capitals, having 25 percent of the world’s oil reserves and being the world’s fourth exporter of gas.
Participants said France is considered a gateway to enter European markets while the Kingdom is an economic power and a main gate to Arab, Asian and African markets. Saudi and French businessmen expressed their intention to develop and improve trade between the two countries.
Trade exchanges between the two countries amount to $7 billion and joint investments have reached more than $38 billion.