German investments in Saudi Arabia to double
The value of German investments in Saudi Arabia doubled in 2000, reaching $1.2 billion, up from the $560 million invested in 1999.
Director General of the Saudi-German Development and Investments Company (SAEGCO), Solaiman Al-Sayari, attributed this growth to increasing investments of Germans in Saudi petrochemicals.
Last year, Germany invested more than $533 million in two Saudi propylene and polypropylene manufacturing plants, reports in London based Al-Hayat asserted.
Official statistics show that Saudi Arabia is currently one of Germany’s most important trade partners. German exports to Saudi Arabia exceeded three billion Saudi riyals ($800 million) in the first ten months of 2000. In 1999, the value of bilateral exchanges amounted to SR 10 billion ($2.6 billion). ― (MENA Report)
© 2001 Mena Report (www.menareport.com)