2003 News Story

Conference in London focuses on Saudi economy

Minister of Planning and National Economy Khaled Al-Qusaibi was in London, U.K., yesterday to address a conference on 'Saudi Arabia: An evolving government and economy' that discussed various aspects of the current economic developments in the Kingdom. Highlighting Saudi Arabia's distinguished relations with Britain, he noted that there are currently 158 joint ventures, and that the volume of trade between the two countries in 2001 was SR 11.4 billion [U.S. $ 3.04 billion]. In a paper on the investment climate in the Kingdom, Minister of Commerce and Industry Dr. Hashem Yamani said the Saudi economy is based on a highly advanced infrastructure, and ranks 14th among the major producing countries and 26th among importing countries worldwide. Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari commented on the reforms taking place in the Kingdom leading to broadening of the private sector and strengthening of the national economy.