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KSA a lucrative business hub

KSA a lucrative business hub
28 May

Custodian of the Two Holy Mosques King Salman on Wednesday emphasized his government’s commitment to address the issues encountered by businesses and adopt viable steps to court local and foreign investment.

Speaking to business leaders including chairmen of chambers and banks, the king called for the formation of a high-level business executives committee to discuss all relevant matters in detail with relevant ministers.

“We are ready to look into your proposals including those to encourage investment. It’s our duty to cooperate with you in this matter. When we have an issue at home, we try to sort it out for the benefit of all,” he said.

Saudi Arabia has become a hub for global investors who gain profit by investing their money in the Kingdom, the king said.

King Salman reiterated that Saudi Arabia is a free economy that allows free movement of capital. “We provide equal opportunities to all citizens in all parts of the Kingdom,” he pointed out.

"Nobody will interfere with your personal affairs or investment", the king said, adding that the country’s laws are based on the Qur’an and Sunnah, which cannot be changed.

King Salman stressed Saudi Arabia’s significant position as the center of the Islamic world. During their prayers, Muslims all over the world pose towards the Holy Kaaba in Makkah. “We are also honored to serve the two holy mosques,” he said.

He said he was ready to listen to the problems of citizens. “Our doors are open and we are ready to listen to your problems and proposals at any time.”

Highlighting  security and stability in the country, as essential requirements for business and economic progress, King Salman said: “Our main concern is the Kingdom and its people and you are part of it.”

Speaking at the event, Commerce and Industry Minister Tawfiq Al-Rabiah thanked King Salman for meeting with business leaders. “This meeting reflects the strong bond between the Saudi leadership and Saudi people.”

He praised the king for launching the Operation Decisive Storm to restore legitimacy in Yemen and conveyed his condolences to the Saudi leadership and people on the deaths caused by Friday’s terrorist attack on Qatif mosque.

Signalling the successful partnership between the public and private sectors, Al-Rabiah added that it helped improve transparency between businesses and consumers and establishment of value-added projects in vital sectors.

Abdul Rahman Al-Zamil, president of the Council of Saudi Chambers, said total value of non-oil Saudi exports amounted to more than SR300 billion this year. “Saudi Arabia rank the third position in the world as producer and exporter of petrochemicals,” he added.

While commending the formation of the Council for Economic and Development Affairs that it enhanced the decision making process, Al-Zamil signalled the decision to increase the Industrial Development Fund’s finance from 50 to 70 percent to boost investment in remote areas. The decision will encourage Saudi and foreign investors to establish projects in remote cities and regions, he added.

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