Second Deputy Prime Minister, Minister of Defense and Aviation and Inspector-General Prince Sultan Bin Abdul Aziz addressed the U.S.-Saudi Business Council yesterday evening at a dinner in his honor. In his speech, he referred to the revised systems of taxation, sponsorship and property ownership that are being announced in the Kingdom. The private sector, he said, now has a leading role in services such as education, health, communications, transportation, and shipping, in addition to its traditional domains of trade and industry.
Prince Sultan drew attention to the upgrading of the regulations concerning foreign investment in the Kingdom, including a revised taxation system and the opening of property ownership to non-Saudis, saying these open up new opportunities for the private sector. He also referred to the recently-created Higher Economic Council. The Saudi economy, he went on to say, has been able to cope with crises and has kept stable. He declared that the difficulties faced have prepared the Kingdom for future challenges.
Chairman of the Board of the U.S.-Saudi Business Council Abdulaziz Al-Quraishi also addressed the gathering. He referred to the Council as attracting an elite group of businessmen from both sides, with the aim of facilitating trade, encouraging investment, providing its members with reliable information on economic activities, and promoting awareness of the importance of the Kingdom as a broad commercial market located in the Middle East and adhering to the principle of a free economy.