Prince Abdullah bin Faisal bin Turki Al Saud, governor of the recently created Saudi Arabian General Investment Authority, has revealed that total applications for foreign investment in the Kingdom were worth $1.3 billion in 2000.
In a press release, Prince Abdullah disclosed that Saudi Arabia’s education sector is, for the first time, now open to foreign investment proposals. "In Saudi Arabia we have a highly ambitious young population with high purchasing power which is good for the service sector," he said. "Education is very much in demand. Riyadh University had 2,500 applicants for 150 places in its medical school this year, so the demand is clearly there.”
"Since the new foreign investment law was applied we have seen a 44 percent rise in applications for foreign investment, and a total of five billion riyals ($1.3 billion) for 2000," said Prince Abdullah. "It is not as high as some of the press reports suggest. The main reason for the increase is the improvement in the law for foreign investment, and that people see a new direction, and an improvement in the environment. "The oil sector is not open yet. But gas is an independent program and progressing faster than before," said His Highness.
"Our second function is on the policy side. We have to suggest the changes to laws and procedures and regulations to improve the quality and quantity of investment. We treat all investors the same, whether they are foreign or local. But we recognize that foreign investors bring in both money and expertise, and can plug into developments around the world.”
"Saudi Arabia has a unique role in the region and certain responsibilities", added His Highness. "Saudi Arabia has had a unique entry into the modern world. We can not duplicate certain things, or force them onto the Saudi public. There will have to be a balance between development expectations and the sensitivities of people."— (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
