German investments in Saudi Arabia double
The value of German investments in Saudi Arabia doubled in 2000, reaching $1.2 billion, up from $560 million in 1999. Director General of the Saudi German Development and Investments Limited Company (SAGCO), Solaiman Al-Sayari, attributed this growth to increasing investments of Germany in Saudi petrochemicals. Last year, Germany invested more than $533 million in two Saudi propylene and polypropylene manufacturing plants, reported the London based Al-Hayat.
Official statistics show that Saudi Arabia is currently one of Germany’s most important trade partners. German exports to Saudi Arabia exceeded 3 billion Saudi riyals ($800 million) in the first ten months of 2000. In 1999, the value of exchanges between both countries amounted to SR 10 billion ($2.6 billion). –(MENA Report)
© 2001 Mena Report (www.menareport.com)