Riyadh, Brussels sign agreement encouraging joint investments

Published April 23rd, 2001 - 02:00 GMT

Saudi Arabia and Belgium reached an agreement Sunday, April 22, on the protection and encouragement of joint investments, the official SPA agency reported. 

 

The agreement was signed by Saudi Finance Minister Ibrahim Al-Assaf and Belgian state secretary for foreign affairs Annemie Neyts, on a visit to the oil-rich kingdom. 

 

Belgium is the third country in the European Union (EU), after Germany and Italy, to have signed such a deal with Saudi Arabia, said Assaf, who added Riyadh and Brussels were currently negotiating a draft agreement abolishing double taxation. 

 

Some 12 joint projects are underway between the two countries, totaling $75.4 million in investments, he added. 

 

He called on Saudi businessmen to boost cooperation with Brussels, complaining trade had only amounted to $687 million in 1999. 

 

Neyts also met with Saudi Oil Minister Ali Al-Nuaimi, SPA reported. — (AFP, Riyadh) 

 

© Agence France Presse 2001

© 2001 Mena Report (www.menareport.com)

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