Brussels and Riyadh sign joint investments accord

Published April 23rd, 2001 - 02:00 GMT

Belgium and Saudi Arabia earlier this week signed on an accord for the development and protection of joint investments between the countries, reported the official SPA agency on Sunday, April 22. 


Belgium is the third country in the European Union (EU), following Germany and Italy, to sign a financial agreement with oil-rich Saudi Arabia, and the two countries are also in the process of negotiating a draft agreement to abolish double taxation. 


Saudi Finance Minister Ibrahim al-Assaf stated that approximately 12 joint investment projects are underway, with a total value of $75.4 million. He called on Saudi businessmen to increase cooperation and alliances with Brussels, as the value of trade between the two countries had only amounted to $687 million in 1999. 


The new agreement was signed by the Saudi Finance Minister and Belgian state secretary for foreign affairs Annemie Neyts, on his latest visit to the kingdom. — (Albawaba-MEBG) 

© 2001 Mena Report (

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