Prince Abdullah was addressing the opening day of the MEIDC congress, being held in conjunction with Dubai 2003, which was inaugurated my Mohammed Ali Alabbar Director-General, Dubai's Department of Economic Development at the Movenpick Hotel Dubai yesterday. Other luminaries addressing MEIDC include former Philippines President Fidel Ramos and the newly appointed governor of Iraq's Central Bank, Dr Sinan Al Shabibi.
The major sectors for development in Saudi include electricity at SR435 billion, water at SR330 billion, telecommunications at SR225 billion, petrochemicals at SR345 billion and basic infrastructure projects totaling SR525 billion, said the chairman and CEO of the Saudi Arabian General Investment Authority (SAGIA.)
He said steady growth rates and the restructuring of the Saudi economy are opening new horizons for investors every year.
A new Saudi Investment Act issued in April 2000 bolstered the investment environment for foreign investors by providing additional incentives such as 100 percent ownership of their investment projects while enjoying all the benefits, incentives and guarantees extended to national investments, the SAGIA chairman said.
Partners in such foreign investment project may freely transfer shares among themselves and others and no investment can be confiscated or expropriated without a court order and the payment of fair compensation. The licensed project can also sponsor the project's foreign employees by obtaining entry and exit visas, residence and work permits, in addition to other incentives.
Economic and legislative reforms are an on-going process and privatization is a corner stone of the economic reform, prince Abdullah said. Privatization is well underway and 20 areas of commercial activity currently conducted by the State are slated for privatization.
The MEIDC conference continues today with a keynote address by HE Saeed Majid Al Shamsi, Director General of the UAE Federal Electricity & Water Authority (FEWA) and Undersecretary of the Ministry of Electricity & Water.
Al Shamsi will be followed by the Vice-President, Infrastructure, of the World Bank Group, Nemat Shafik, who's address is titled: 'The rise and fall (and recovery?) of private infrastructure: Lessons for the Middle East.'
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Saudi to invest USD700 billion in infrastructure projects
- United Arab Emirates: Monday, September 22 - 2003 at 10:02
- PRESS RELEASE
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Saudi Arabia is planning infrastructure investments of US$700 billion over the next two decades with many opportunities for overseas investors, said H.E. Prince Abdullah bin Faisal bin Turki Alsaud on the opening day of the Middle East Infrastructure Development Congress (MEIDC) yesterday.
Mohammed Ali Alabbar Director-General, Dubai's Department of Economic Development.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 22 - 2003 at 10:02 UAE local time (GMT+4)
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This article was updated on Tue Jan 06 2004.
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