2000 News Story

SAGIA reports high level of foreign investment

At a press conference during the ongoing international economic conference in Jubail yesterday, Governor of the Saudi Arabian General Investment Authority (SAGIA) Prince Abdullah bin Faisal bin Turki reported that foreign investment in the Kingdom so far this year has reached SR 5.2 billion [U.S. $ 1.39 billion]. Demand for investment in petrochemicals, he said, is very high, with licensing requests forty times greater than last year.

Prince Abdullah went on to remark that the increased number of service centers in the provincial chambers of commerce will take benefit from local expertise. The first two centers were opened in the industrial cities of Jubail and Yanbu.  Saudi Arabia's market, he said, is attractive for investors on account of the Kingdom's security, stability, and strong economic structure, in addition to its strategic political and geographical location.
Meanwhile, Minister of Commerce Osama Faqih has approved the establishment of a joint stock leasing company, to be named the Saudi Oryx Leasing Company, with a capital of SR 60 million [U.S. $ 16 million]. Its 1.2 million shares will be available at a nominal value of SR 50 per share. The company will be based in Riyadh, and will be involved in financing projects in the industrial, transport, agricultural and trade sectors.