2000 News Story

Conference opens in Riyadh on investment in energy

Head of the Saudi Arabian General Investment Authority (SAGIA) Prince Abdullah bin Faisal bin Turki and Minister of Industry and Electricity Dr. Hashem bin Abdullah Yamani opened today in Riyadh an international conference on investment in the Kingdom's energy sector. Topics for discussion include the investment law and foreign investment, SAGIA's role, the future of international participation in Saudi Arabia's economic diversity, privatization of the energy sector, and the Saudi Electric Company.

Speaking on the occasion, Prince Abdullah explained why Saudi Arabia is the best choice for international investors, pointing to the political stability, freedom for re-refinancing, exemption from customs tariffs, and the growing numbers of large markets with great purchasing ability. There is also the availability of natural gas, which is clean and environment-friendly. Dr. Yamani stressed that the Kingdom's industry had been established on government, not financial support, referring to the vast industrial cities, the facility of soft loans, and the service of economic and technical consultants.