Saudi Arabia has one of the biggest liquidity in the world despite the flight of some $1 trillion to foreign markets, said Abdul Rahman Al-Jeraisy, chairman of the Council of Saudi Chambers of Commerce and Industry.
“Saudi investments abroad are estimated at between $800 billion and $1 trillion and most of these funds are concentrated in the United States and Europe,” Al-Eqtisadiah business daily on Tuesday quoted him as saying.
Jeraisy urged government departments to soften restrictions on foreign investment. “Many Saudis have invested in stocks and real estates as they are the easiest markets,” he said.
It should be noted that the Saudi Arabian General Investment Authority (SAGIA) has recently announced a five-year strategy that aims at making the Kingdom more investment-friendly. The strategy will address investment issues in coordination with regional governorates and government agencies, Arab News reported.
In his comments, Jeraisy proposed the creation of four free-trade zones at the Kingdom’s seaports, adding that the government was very late in taking a decision on this matter. (menareport.com)
